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8 Growth in the far East
Americans aren’t the only ones with a taste for luxury. Middle-class Chinese, numbering nearly 100 million—a figure expected to double in five years, says Tom Doctoroff, CEO of JWT Greater China—shell out big yuan for Louis Vuitton handbags, Cartier watches and other luxe goods. Just one example of the growth of China’s consumer culture. Ad spend in China was expected to grow 16 percent this year to more than $10 billion; India was set to see 12 percent growth to more than $3 billion, says CSFB.
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