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China’s Luxury Market Expected To Avoid The Worst Of The Economic Crisis

Growth Of Brands Like Gucci, Burberry In The Mainland Shows Growing Faith In Chinese Consumer Among Western Luxury Retailers

Luxury brands like Louis Vuitton have stormed the mainland in the last five years, growing quickly even in second- and third-tier cities, as consumption rates in developed markets slow

Luxury brands like Louis Vuitton have stormed the mainland in the last five years, growing quickly even in second- and third-tier cities, as consumption rates in developed markets slow

As signs that the worst of the economic crisis may have passed are increasingly pointed out by Bloomberg, The Wall Street Journal and others, attention has spread to the beleaguered global luxury market. While growth in this market has come to a screeching halt in traditional markets like Japan and North America as consumers cut back, analysts have predicted that the corresponding rise of the Chinese consumer — a rise that has been expedited by the Chinese government’s rapid shift to promoting a consumer-based, rather than export-based, growth plan — helps luxury brands ride out the ongoing global slowdown. According to many luxury CEOs, the key to their brands’ continued survival and expansion in this market lies solely in emerging markets like Russia and China. So the question has become, will it be enough to keep these brands afloat?

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Macau: A Complex (And Exciting) Destination in the PRC

Macau, Having Already Surpassed Las Vegas As A Gambling Destination, Sets Its Sights On Cultural, Culinary Offerings To Lure Tourists

Macau has quickly established itself as the "Vegas of the East"

Macau has quickly established itself as the "Vegas of the East"

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Since its handover in 1999, Macau has rapidly become one of Asia’s top destinations for gambling, luring thousands of gamers from mainland China and Hong Kong. If Macau’s tourism department has its way, though, the city will soon be as renowned as a cultural destination as well — playing on its unique blend of Portuguese colonial and Chinese culture, architecture, and culinary traditions. Although construction of luxury apartments and casinos has slowed somewhat due to the global economic crisis, the city looks at the continuing growth of the Chinese tourist as a way to buoy a relatively sluggish tourism season.

Macau is unique in that it has, much like neighboring Hong Kong, combined two disparate cultures over the centuries to the point where they no longer seem distinct but instead form the one-of-a-kind Macanese culture. The city has also combined the entrepreneurial, fast-paced culture of China’s biggest cities with a fascinating mix of people, cultures, and languages, making this one of the world’s most exciting, truly global cities. The city has also become one of East Asia’s luxury hubs.

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