For publishers of fashion magazines, the odd spending habits of readers in China is a great thing. The New York Times reports that advertisers in China are busily pouring funds into titles like Vogue and Elle, forcing the former to add extra issues and the latter to split its monthly issues in two because they’re too thick.
The ad dollars are rolling in thanks to some curious (to us) spending habits of readers. Vogue runs about $3.15 in China, a hefty amount considering the average individual earns just $733 a month in Beijing. Duncan Edwards, president and chief executive of Hearst Magazines International, added that it was common for Chinese woman earning only $15,000 per year to spend $2,000 on a purse.
“We’re going through this wonderful period where huge numbers of women are coming out of poverty into the middle class and beyond,” Edwards told the Times. “Many of these women are choosing to spend on luxury goods.”
Wonderful indeed! At least for fashion magazines.