EFTA02430470.pdf

To: Jeffrey Epsteinijeevacationagmail.comj From: David Stem Sent Wed 2/10/2010 5:18:57 PM Subject: China private wealth China has replaced the US to become the world's second largest luxury goods consumer, only second to Japan, according to a report by World Luxury Association. The report also said Chinese people consume about 27.5 percent of the world's luxury products. Luxury goods consumers in China are mainly aged between 20 and 40 with a good education. Their monthly salaries range from 5000 yuan ($732) to 50,000 yuan, which means they spend a large proportion of their income on luxury items. While the world's average consumption rate of luxury goods is 4 percent of one's wealth. Many experts predict that China will become the world's largest luxury consumer by 2015, considering the current rocketing increase rate. Media commentator Sheng Dalin pointed out that healthy growth in demand for luxury brands can stimulate consumption, but too fast an increase in demand also indicates the wealth gap in China is widening. This message is confidential. It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake please let us know by reply and then delete it from your system; you should not copy the message or disclose its contents to anyone. Opinions, conclusions and other information in this message that do not relate to the official business of Asia Gateway Ltd. shall be understood as neither given nor endorsed by it. Asia Gateway Ltd. Michelin House 81 Fulham Road London SW3 6RD UK Tel: Fax EFTA_R1_01500428 EFTA02430470