Luxury When It Comes to Luxury Spending, China Takes Gold
The Olympics may be long past, but the results have just been announced for one event that wasn’t even televised: luxury spending. The Chinese spent the most abroad on luxury purchases during the games, $255 per purchase on average. The United Arab Emirates, despite years of training, were outspent by the Chinese by 10 percent.
Shui Jing Fang, the oldest distiller of popular Chinese liquor baijiu, sold a controlling stake in the brand to Diageo with the intentions of bringing the 52 percent proof white spirit to the west through a UK distribution deal. Diago now owns 53 percent in Sichuan Chengdu Quanxing Group, the largest shareholder in Sichuan Shui Jing Fang.