P1 - the exclusive invitation-only social network focused China's luxury market is in a sweet spot. The luxury market has almost totally recovered from the recession. Sales in China grew an astounding 30 percent year-over-year, reaching almost $13 billion. China is projected to become the 3rd largest consumer of luxury products and services by the middle of the decade as reported by Luxury Daily.
In 2020 the affluent class in China will reach 120m (12% of the urban population) and the upper middle class is projected to reach 600m (60% of urban population). Other social networks like Kaixin001, Renren.com, 51.com and QQ wil only be growing the middle class, totally ignoring the affluent class. This is great news for P1 who are totally focused on this demography. A recent article in Forbes covered "Selling to China's luxury market 101" but if you really would like to tap into this market my recommendation is to get in touch with the fabulous crew at P1.
Disclaimer, I am a board member of P1.
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