Reuters reports that luxury brands are taking full advantage of the rise in affluent travelers from China, Russia, and Brazil. Many luxury chains have seen higher sales at airports and travel venues than retail stores, setting the stage for new development aimed at luxury travelers. China has contributed greatly to luxury growth in the last few years and travelers seem to be the biggest spenders. Chinese travelers tend to make luxury purchases more often than Westerners, and good news for luxury retailers, 100 new airports are expected to debut in China in the next ten years.
Luxury chains such as Tiffany & Co. and Swiss watchmaker Hublot are planning to expand, adding stores in Singapore, Berlin, and Frankfurt airports. Estee Lauder will branch out to smaller cities in China and Brazil. Some luxury brands also plan to expand to more United States airports, but Europe and Asia seem to be at the forefront of the luxury market for affluent travelers.
To read the article, visit Reuters.com.