MasterCard Luxury Week Hong Kong to take place 26 - 30 August 2008

MasterCard is putting the final touches to its popular MasterCard Luxury Week Hong Kong. Now in its second year, the five-day event, taking place from 26 to 30 August 2008 at the Four Seasons Hotel in Hong Kong, will sit alongside other high profile events supporting Hong Kong's positioning as a fashionable city and a preferred shopping destination for luxury goods in Asia Pacific.

A-list international fashion designers will be bringing their latest Fall Winter collections to the stylish and fashion forward from Hong Kong and the region.

“MasterCard Luxury Week Hong Kong is a key event in support of our fashion and fashionable lifestyles platform globally,” said Natalie Lockwood, group head, Global Marketing, Asia Pacific, Middle East & Africa, MasterCard Worldwide. “We are looking forward to seeing a wide a range of designers on the runway, showing everything from couture gowns to designer street wear. And to compliment this we are pleased to be offering MasterCard promotions designed to assist the cardholder in accessing a little luxury too.”

As presenter of MasterCard Luxury Week Hong Kong, MasterCard provides its premium cardholders from around the region exclusive access to the shows, priceless experiences as well as the opportunity to enjoy exclusive privileges with a wide array of luxury brands in Hong Kong. It also strengthens its outreach to customer financial institutions, merchants and the luxury industry present at this powerful event by providing them with valuable consumer market insights.

“With the demand for luxury goods and services in Asia Pacific estimated to grow an average of 12% per year between 2006 and 2016, businesses need to understand the needs of these consumers and their distinctively different demand characteristics in order to succeed.” said Lockwood.

“In Hong Kong alone, the discretionary spend of the affluent is set to grow more than 73% to US$17 billion in 2015 and their spend on luxury goods and fashionable experiences is a key part of their expenditure,” Lockwood added. “Likewise, China is another market whose affluent consumers are expected to be the world's largest luxury goods consumers in the next decade. According to MasterCard research, in 2006 alone, spending on luxury goods in China was up by 50%. This clearly shows that domestically, the new wealth in mainland China’s major cities is powering spending, lifestyle choices and mindset changes among affluent consumers.”

Exclusive MasterCard cardholder privilege promotions have commenced and are valid until the end of the year. Offers including discounts in Hong Kong for spa and beauty treatments, hotels and dining, or shopping discounts at top name fashion houses such as Kenzo, Roberto Cavalli and Sonia Rykiel.

Further discounts are also extended to cardholders in Shanghai, Beijing and around the region with further privilege promotions on hotels, travel and lifestyle, retail and dining outlets.

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