“That said, China is still home to more than 2.5 million people with a net worth of more than US$1 billion,” he said.
On a sunny day in central Shanghai, passersby hold up their designer handbags as they go shopping.
“Some people say that if you buy classic styles, their value may increase and it can be an investment,” said Winnie, a 28-year-old media person carrying a Dior bag.
“But for me… it's not an investment. As long as I like it, it's OK.”
“I think China is still in a period where (European) brands are important,” Jennifer Sheng, a woman in her 60s, told AFP.
The attraction of having designer products remained intact in his eyes.
“Twenty years, thirty years ago, we had nothing,” Sheng said.
“We want to have these things.”