The fast-expanding bulge of affluent citizens combined with a small but very wealthy coterie means there’s much more income to spend on luxury goods and services - from fashion, jewelry, and prestige cosmetics to artwork and high-end travel.

It’s a burgeoning market and maybe the deepest pool of spending on high-end products the world has ever witnessed. Understanding the new dynamics is important for luxury brands, of course, but all companies will benefit from insights into the purchasing power and aspirations of these new, mostly younger consumers.