Retail in Asia

In Shops

Affluent shopper numbers rise in China

Opportunities for luxury brands are growing still further in China, where the number of high net worth individuals continues to increase, a study has argued.

The Hurun Research Institute, the specialist think tank, and GroupM, the media arm of WPP Group, estimated there are now 1.02 million millionaires in China, up 6.3 percent year on year. Their average age was 39 years old, and 60 percent were male.

Similarly, the amount of billionaire’s climbed by 6.3 percent on an annual basis, reaching 63,500 overall. The typical billionaire is 41 years of age, and men made up 70 percent of this cohort.