saltesc

saltesc t1_j0juevw wrote

Some Asian countries have a really weird concept on luxury items. A lot of what we consider low quality or poor in Australia, a market somewhere else in APAC considers it luxury.

For a while, we were making $1.2B a year off China, dumping cheap wine we wouldn't even sell here. For some reason, wine from Australia was considered luxurious, regardless of the quality or taste, so it was basically free money. It took a while but the market matured and now the trend's gone and quite worthless, around $200M.

A single tuna recently sold in Japan for $3.1M USD. I find it funny considering it's a cheap ingredient that got me through my poor student years and it's one we put in 80¢ tinned cat food.

Now there's a huge trend to show off wealth more than ever, so brands like LV and Gucci are getting a lot of success in Asia whereas here the market's matured to see them representative of a person's social insecurity or financial asinity, so their revenue has tumbled. I think Gucci is down something like 55% since 2018, but recent success in Asia keeps them very relevant globally.

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