Lux-Stuff.com

February 3rd, 2009 by Simon Salt

China is gearing up for its annual June “Millionaire Fair,” and exhibition of luxury goods in every conceivable category designed to appeal to over 300,000 citizens in China who have a net worth of over $1 million. China has the most rapidly growing population of millionaires on earth, and conspicuous consumption is an honored part of Chinese culture. Even at income levels Americans would consider modest ($1200 a month or so), Chinese workers indulge in luxuries that seem on the surface to be quite decadent.

For example, the average young working Chinese person upgrades his or her cell phone on an average of every three to six months at a cost of about $650 each time. However, many expenses that are an issue for Americans are not part of Chinese life. The limit on children, the fact that most people don’t own cars, all of these cultural differences result in more discretionary income available for spending. Last year, the Millionaire Fair featured a $25 million necklace and a $30 million mansion for sale. This year tickets will sell for $40 a piece and are expected to sell out.