Forget about stealth wealth. The Russian luxury consumer wants to flaunt economic status—whether buying fashion or fine jewelry. One telltale sign: the new Millionaire Fair, where vendors come to show off big-ticket items like helicopters, jewel-encrusted pencils and baby bottles made of gold. Analysts predict this market will grow at least 15% over the next five years.
Most often mentioned luxury brands:
In general, affluent consumers in Russia have the greatest top-of-mind awareness of foreign luxury brands compared with China and India because the Russian luxury market is more developed and more European in nature.
Chanel 39%
Giorgio Armani 37%
Dior...
