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BRIC Luxury Market Poised For Further Growth, Consumers Willing To Spend On Premium Products

August 22, 2011: 04:42 AM EST
A study by the Future Foundation shows that consumers in Brazil, Russia, India, and China (BRIC) are looking to spend their money on luxury brands. While on a small proportion of the population in these countries can afford luxury brands from Europe and the United States, demand remains strong. More than 50 percent of affluent consumers in India enjoy talking about the fashions they have purchased; 50 percent of urban Chinese said they will buy more designer clothes and accessories should their income increase and over half of Brazilian women said they would spend new income on luxury cosmetics brands. 
James Murphy, "Luxury BRIC by BRIC: the most unstoppable market in the world?", Brand Republic, August 22, 2011, via Future Foundation, © Haymarket Business Media
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