Faculty News
Prof. Scott Galloway explains the importance of middle class luxury consumers in emerging economies
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Excerpt from Bloomberg TV -- "In developed markets, who drives luxury? Affluent people. In emerging markets, it's actually middle-class consumers. The average luxury consumer in the U.S. has $175,000 in income, she's 53 and it is a she. She spends $3,000 a year on handbags. The average luxury consumer in China makes $17,000, is 33 and spends $2,000 on handbags. The emerging middle class in these developing markets loves luxury."
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