Asians biggest spenders on luxury brands

The region now accounts for almost 27% of luxury spending worldwide, up from 16% five years ago.

Citing a study by Verdict Research, The Wealth Report 2012 by Knight Frank and Citi Private Bank said that global spending on luxury goods rose by an estimated 17% in 2011 and is now exceeding pre-credit-crunch levels.

Consumers in the Asia-Pacific region have driven much of the growth. Luxury car manufacturer Bentley, for example, doubled its sales in China last year to 1,839.

According to the reposrt Asia-Pacific region now accounts for almost 27% of luxury spending worldwide, up from 16% five years ago. This will rise to as much as 33% by 2015, predicts Verdict.

However, sales of bigger-ticket luxury goods, it said, are taking longer to recover. A report by ShowBoats International magazine reveals 728 yachts over 80 feet long are on order worldwide this year, compared with 753 under construction in 2011 and 27% down on 2009 when 1,008 boats were on order.