According to the Jones Lang LaSalle’s (JLL) Destination Retail 2016 report, seven out of ten cities on a list of the world’s favourite destinations for luxury retailers belong to the Asia Pacific region.
Four Chinese cities made it to the list of world’s top 10 favourite destinations for luxury retailers, joining the likes of London, Paris and New York.
London came in at the top spot followed by Hong Kong at the second position. The other three Chinese cities in the list are Shanghai, Beijing and Taipei.
No Indian city made the cut despite great leaps in the retail industry.
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.
Japan’s Tokyo and and Osaka are also in the list as is the city-state Singapore, making the Asia-Pacific region the best place for luxury retailers to reach out to increasingly affluent consumers.
JLL 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.
Top 10 List
- Hong Kong
- New York