World's top 10 luxury destinations for retailers' list has no Indian city
Four Chinese cities have made it to the list of world's top 10 favourite destinations for luxury retailers, joining the likes of London, Paris and New York, state media reported today.
Hong Kong, Shanghai, Beijing and Taipei have joined London, Paris and New York as global luxury retailers' most favourable cities, the report from real estate consultancy Jones Lang LaSalle (JLL) said.
The four Chinese cities, along with Tokyo and Osaka in Japan and city-state Singapore, made the Asia-Pacific region the best place for luxury retailers to reach out to increasingly affluent consumers.
The consultancy expects a surge in the number of high- income families across Asia over the next 15 years, a trend that will put the region at the heart of global luxury consumption.
Hong Kong ranks second for luxury retailers after London and followed by Paris.
Despite China's slowing economy and the continued anti- corruption campaigns, luxury retailers still see Hong Kong as a gateway to the Chinese market and a popular destination for high-spending tourists from the Chinese mainland, state-run Xinhua news agency quoted JLL report as saying.
Shanghai came in sixth and is quickly emerging as a new hub for luxury retail in Asia.
Beijing, ranked ninth after Dubai, has great potential given the city's substantial number of high-net-worth individuals, the report added.