The wine auction market has been turned on its head by the new wave of wine buyer coming from China (including Hong Kong). It's not really surprising when one looks at the growth in the number of millionaires in China. According to an annual wealth report recently released, the mainland has 960,000 millionaires with personal wealth of 10 million yuan ($1.5 million) or more, up 9.7 percent year-on-year. Of the 960,000 millionaires, 60,000 have been identified as China's super rich with 100 million yuan or more in wealth, up 9 percent year-on-year. The report's author also noted that "For most luxury brands, the Chinese luxury consumers are now No 1: either representing the biggest market share or the fastest-growing." Of particular interest are the demographics: Chinese millionaires are on average 39 years old, a full 15 years younger than their Western counterparts. (note 3) That thirty percent of the millionaires are women bears out the apparently strong interest shown by women in wine.../...
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References [ + ]
|1.||↑||All tables are based on auction data from the houses specified for the period 1/5/2010 to 30/4/2011 (unless indicated otherwise). The data file used in the preparation of this article for this period excluding mixed/verticals consists of more than 50,000 individual lots|
|3.||↑||GroupM Knowledge – HurunWealth Report 2011|
|4.||↑||Sotheby’s London, Hong Kong and New York; Christie’s London, Hong Kong and New York; Zachys Los Angeles, Hong Kong and New York; Hart Davis Hart Chicago and Acker Merrall & Condit New York and Hong Kong|