HONG KONG - IT COULD be a queue for a pop concert, a top nightclub or even the opening night at the theatre. But the hundreds of people lined up in a Hong Kong street are actually waiting to bag a bit of luxury.
'We're looking for new handbags,' says student Celeste Law as she queues patiently alongside her friend Karina Luh outside the supermarket-sized branch of Chanel on Hong Kong's Canton Road.
The students, both 20, already sport impressive accessories - Celeste carries a Louis Vuitton monogrammed bag, while her friend's is from Chanel. Both work part-time and saved for over a year to buy their trophies.
'We want them because of the famous brand,' said Celeste. 'What can I say? People will focus on your bag. It's about feeling confident.' Even on a weekday morning, Canton Road is flooded with shoppers happy to pay a small fortune for a luxury tote, shoulder bag or evening clutch in its jumbo designer stores.
Many are from the Chinese mainland, and some even carry suitcases to get their purchases home. The market for such luxury has extended far beyond China's roughly 900,000 US dollar millionaires. The market is now being driven by China's burgeoning middle class, with the truly rich going ever further upmarket - happily spending tens of thousands of dollars on the right bag.
Handbag sales for Prada alone grew by over 80 per cent in China in 2010, Sebastian Suhl, chief operating officer at the Prada Group, told AFP, while those of the group's Miu Miu brand rocketed by over 500 per cent. 'We believe we have only begun to scratch the surface of China's potential,' Mr Suhl added. -- AFP
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