Per Capita Public Debt in Selected States (Average Debt 2001-2011)

Source: Santosh Kumar (2014) Gujarat Development Model: A Reality Check, Prometheus Publications, Kolkata

You can read the entire article at: https://multiview2000.wordpress.com/2014/03/30/gujarat-development-model/#_Toc383852623  

Demand For Luxury Goods..

Looking back to 2004, according to a Goldman Sachs Report, China represented 12% of global sales in the luxury items market (Bialobrzeski, P, 2007). Even in the recession period during 2009, Chinas experienced an increase of 16% in the sale of luxury items. It is projected by 2015 that China will account for 20% of all luxury item sales worldwide (Leibowitz, G, 2011). That translates into roughly 27 billion U.S. dollars (Atsom, Y., Dixit, V., Leibowitz, G., & Wu, C, 2011).

Moving forward in 2011, if we had to create a marketing hook specific to the Chinese market, we’d have to title it “The Sky is the Limit”. If we can consider the fact that we are dealing with the third or fourth largest group of millionaires in the world and quite possibly the fastest growing, it would help paint a picture as to how high the sky actually is for this luxury market in China. “Millionaire households jumped 31 percent in 2010 from the previous year to 1.11 million, the BCG Global Wealth Survey released yesterday showed (Balfour, F, 2011). It’s important to note that as sophistication level increases, meaning knowledge of luxury products, what they are, and where to purchase them, so does overall spending. It’s a natural coincidence. Vehicles to increase knowledge are trends such as increased travel overseas which grants them exposure to more products, less censorship of the internet to increase brand awareness, and increased purchasing which allows for more hands on experience, has drastically affected the sophistication of the luxury consumer.

(Source: Case Study on Demand For Luxury Goods, Ann Langlois Palm Beach Atlantic University
Eric J. Barberio Palm Beach Atlantic University)