"Traditions provide identity.
As CCP has destroyed Chinese traditions, luxury brands step in to provide that," he tweeted.
Consider this: The country's luxury market is set to hit 816 billion yuan, or $115 billion, by 2025.
"Traditions provide identity.
Rapid urbanization and consumerism did more to fuel China's luxury boom than a lack of religion, he said.
Persons:
Desmond Shum, —, That's, PwC, Bernard Arnault —, Shum —, Shum, Simon & Schuster, Pierre Xiao Lu, Lu, Karl Gerth, Gerth, Yuwan Hu, Chanel, Dior, Louis Vuitton
Organizations:
CCP, Service, Privacy, Shanghai's Fudan University, Wharton, University of California, Daxue Consulting
Locations:
China, Europe, Today's China, San Diego, Beijing