The rise of luxury and the uber riche.

British Luxury brand burberry have released a better than expected pre-tax profit of 14%. This is heavily due to growth in Asian markets and other BRIC economies. It is also said that retail sales account for 71% of Burberry Revenue.There has become an increased an increased numbers of Middle Class families and single high income workers. Their spending behaviors differ as the new singletons have a higher percentage of disposable income than others, they are willing to spend £400 on a bag or shoes every couple of months and eat several times at restaurants as many of them do not have commitments to children of hefty mortgagees. In the BRIC econonies, countries that are all at new stages of an economic development, there has been a surge in the new middle class. Shangahi’s morning post reported that by 2020 China’s middle class will reach 700m, 48% of the entire population. Luxury brands are now committing themselves to expanding in these economies due to the strong demand for luxury goods.