Hong Kong - the Great Mall of China

During our CPD briefing days on China we've often mentioned the rapid growth of the Chinese middle class and the resulting impact on demand for consumer goods. China now accounts for 20% of global demand for luxury goods and this is illustrated in the following short video from the excellent FT team based in Hong Kong.

Hong Kong built its economy on financial services and logistics. But, now it has developed a reputation as the "Great Mall of China" attracting millions of increasingly affluent Chinese consumers.

Hong Kong is now home to the world's most expensive shopping street - a good example of how demand from Chinese customers is driving forward the luxury goods market.

Global brands maybe loving the boom in demand for their products in Hong Kong, but other local retailers might be suffering from the knock-on effects such as higher rent.