China's Big Luxury Spenders are Young, Trendy and Not So Rich

BEIJING, China -- Global luxury brands expanding in China are better off targeting the HENRYs – “high earners, not rich yet” – instead of the ultra-wealthy, as a slowing economy and a government that frowns on official excesses usher in an era of less showy spending. HENRYs believe less is more. These younger spenders pride themselves on their individualism and snub the ostentatiously branded handbags and accessories loved by the “secretary” types. Fuelling their shopping habits are ...