The China’s luxury Consumer Price Index (CPI) rose 3.6% on a yearly basis in 2017, both based on more wealthy Chinese, and an uptick in the money they spend. Chief researcher of the Hurun China rich list Rupert Hoogewerf says expenditure on real estate, Tesla and Baijiu going up, he tells in Asia Times.
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Spending on luxury in China went up over 80 percent over the past ten years, reveals the Luxury Consumer Price Index (LCPI). HuRun chief researcher Rupert Hoogewerf points in ECNS at three major winners: property, baijiu and Tesla.
Tesla was the latest to announce the building of its car plant in Shanghai, but self-driving and electric cars are making many inroads in China. Shanghai-based lawyer Mark Schaub gives for Lexology an overview of the latest regulations to facilitate this trend. China seems to be late follow the latests developments, but catching up fast, he says.