On a recent bright autumn afternoon, a Chinese couple – she wrapped in furs, he in Louis Vuitton scarf – emerged from Pisa Orologeria, the exclusive watch boutique, in Milan’s luxury shopping district.
Flanked by a Chinese translator, a store assistant and a security guard, the couple scanned the shop windows and settled on a Roger Dubuis Excalibur Double Tourbillon jewellery watch for him. Then they turned their attention to Patek Philippe ladies’ watches. All told, a shopping trip worth at least €250,000 ($344,621).
Visits by customers such as these are a large part of the reason behind the unexpectedly strong growth in the luxury goods industry, and especially the watches and jewellery segment, as the world’s rich emerge from the financial crisis.