Shanghai trumps New York in luxury spending

Are we even surprised? Shanghai shoppers have outstripped their New York counterparts when it comes to spending on luxury goods, according to a study by digital marketing firm ContactLab.
The survey conducted over the past year revealed that Shanghai residents spent an average of 1000 USD on their last purchase, double that of New York’s 500 USD.
Furthermore, a majority (91 percent) of these Shanghai shoppers have no qualms about dishing out the same amount in the coming six months compared to New York’s 77 percent.
A Morgan Stanley report from last year has also predicted that Chinese travelers will top the list for luxury spending by 2015, partly due to the burgeoning size of China’s urban middle class.
Yet, a majority (86 percent) of the clothes and shoes purchased by Shanghai shoppers were intended to be given out as gifts, compared to the 72 percent figure cited by New Yorkers. Which makes sense, given the importance of China’s gift-giving culture – though we sure hope that these luxury items do not include novelties like luxury diapers, for instance.
By Yuen Sin

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