With luxury sales falling fast in China, many are beginning to wonder what is going on. Are the Chinese beginning to search for cheaper products as a means of saving money? Are they unimpressed with the products that are currently on the market? While both of these things may be true to a certain extent, consider this: many of China’s wealthiest people are actually fleeing the country.
According to a local Huron report on China, luxury spending fell 15 percent in 2013. This was the biggest decline in five years. Along with this, spending on gifts also took a nosedive, dropping 25 percent.
The Millionaire Migration
Many of China’s super rich are taking their money elsewhere. Huron said 64 percent of wealthy have emigrated or have plans of doing so in the future. Also, one third of the super rich (those worth $60 million or more) have already left the country.
Once a trend like this starts it is easy for others to follow behind.
This leads to one very important question: where are the rich Chinese going? Well, here are the five countries they are turning to:
1. United States
What do you think about this trend? Do you believe a growing number of Chinese are going to be leaving the country, heading for one of the five above?
For a better idea of what is going on, check out the video below published by CNBC.