Chinese shoppers outstrip Russians

Chinese shoppers are outnumbering Russians according to a survey of shopping trends among retail outlets in Mayfair, London’s most expensive shopping area.

The study was conducted by FDKG, which describes itself as a consultancy that helps UK luxury goods business to develop a foothold in China.

It claims that Chinese luxury goods shoppers outnumber the equivalent Russians by almost 15:1. In fact the Russians come fourth after the Americans and Japanese as well. Fifty-eight percent of the luxury goods retailers stated that their most frequent visitors were Chinese.

FDKG managing director Ken Grant, said: “The strength of the Chinese economy, which is growing at 9% per annum, is not having a measurable impact abroad, with many luxury goods retailers and manufacturers benefiting passively from the enormous spending power of the Chinese ultra rich.”

The report, based on a sample of almost 800 wealthy Chinese businessmen and women, provided some other spending and consuming characteristics.

- One third of China’s ultra rich prefer to drink Dom Perignon champagne;

- The most popular watch brand is Rolex;

- 24.8% own domestically made Audis while BMW is the most popular imported car;

- After Hong Kong, Europe is the most popular travel destination- 98% own property and almost half own two residential properties and some own more than five;

- After China, the UK is the most popular country to send their children to be educated; twice as popular as the UK.

The FDKG summary report, China’s New Wealth, costs US$3,000: