Buying luxury items is a brand-new success story
Updated: 2012-02-20 10:22
By Tang Yue (皇冠体育app Daily)
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Designer labels are in fashion and easier for domestic customers to purchase now than at any time before, Tang Yue reports from Tianjin and Beijing.
Zhang Xiuhua ran a stall at the Exotic Cargo Market in Tianjin when it was at its peak.
"I had to get up at 3 am just to get a good booth on weekends," she recalled.
"The street was packed with customers from everywhere. It attracted far more people than any department store."
That was in the early to mid-1990s, when the market was the go-to place in North 皇冠体育app for secondhand clothes and other goods smuggled from overseas.
By the end of the decade, the glory days were already over; crackdowns by customs authorities had severed supply chains, while brand-new foreign products were becoming readily available throughout the mainland.
Yet, as the Tianjin market declined, demand among Chinese shoppers for imported - especially high-end - goods has only grown stronger, with experts predicting that the country will this year overtake Japan as the world's largest luxury market.
More than 100 billion yuan ($15.88 billion) was spent on luxury products on the mainland last year, a year-on-year increase of about 25 percent, according to data released by management consultants Bain & Co.
The figure is a far cry from the 5 billion yuan recorded in 1998, when trade at the Exotic Cargo Market was starting to wind down.
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