For those living a luxurious life, extravagant expenses are usually not a problem, but these people still have to cut costs at times. If they do want to avoid paying way too much for luxury items, then it would be best to avoid Shanghai.
Per Bank Julius Baer & Co.’s annual Wealth Report, Shanghai recently took over Hong Kong’s spot for having the most expensive prices for luxury goods and services. The ranking was measured using a price-weighted basis. Following Shanghai is Singapore which is also up a spot. Meanwhile, Hong Kong dropped to the third spot, Bloomberg reports.
Aside from bagging the number one spot, Shanghai’s services and products such as real estate, legal advice, watches and handbags, have become more expensive. However, people are still going to spend the most in Hong Kong when it comes to buying real estate or other land properties, followed by Tokyo and Singapore.
Per The Independent, Singapore has the most expensive luxury sedan and the third-most expensive city for a luxury property purchase.
The 2018 Julius Baer Lifestyle Index analyzed about 22 luxury goods and services in the region’s cities, including Manila, Mumbai, Taipei, Jakarta and Bangkok. This year’s edition also introduced a new His & Hers index to give people a glimpse of the difference between male and female luxury goods. These include accessories and personal care items.
On average, women’s items cost more than men’s. The Hers Index is $2,158 higher than its counterpart but the difference can be lessened by $126 when a certain accessory is removed from the equation. Seoul remains to be the most expensive place for male and female luxury goods because of the excise tax on imports that often reaches up to 20 percent.
The least expensive city in Asia is still Malaysia’s capital Kuala Lumpur. It has held that distinction for quite sometime now, so for those who want to splurge on luxury goods while making the most out of their money, this is the best destination. The capital city has the most affordable upscale homes in Asia. Aside from this, Kuala Lumpur also has the cheapest prices for five other luxury items, namely, jewelry, hotel suites, wines, pianos and high-end vehicles.
“The Malaysian government’s generous incentives for plug-in hybrid electric vehicles (PHEVs) caused a precipitous drop in prices. This in turn led BMW to phase out the 740Li model, replacing it with the 740Le plug-in hybrid model. A strengthening ringgit partially negated the effects of the incentives. Compared to last year, prices fell 24.3 percent in MYR terms to RM138,971,” says Julius Baer in the report.
Needless to say, luxury goods and services are going to set back people financially. Sometimes, these goods are just too hard to pass by and expenses are inevitable. Perhaps the best way around this conundrum is by enjoying the high-life in Kuala Lumpur while avoiding a new level of luxury in Shanghai.
Bitcoin’s price facing more problems: BTC moves to exchanges as the market gets greedier
An indicator that is also not unknown is back, always urging caution. According to the Crypto Fear & Greed Index,...
Climate change has top priority in engagement with companies for AllianzGI
In the 2020 Stewardship Report, AllianzGI reports on last year's engagement activities. AllianzGI engaged with 224 companies in 29 markets...
Equity crowdfunding: record collection of 2.7 million for Homepal
The proptech company Homepal, the first digital real estate agency on the Italian market, has exceeded in just 3 days...
INTA will cultivate cannabis in Santa Fe
The goal of cultivating cannabis in the province of Santa Fe is distant, not in time but in the administrative...
Crypto Week 2021: The impact of cryptocurrencies in Latin America
At the Crypto Week 2021 conference, Jorquera indicated that the Bitcoin market is a great opportunity for Latin America, not...
Cannabis4 days ago
Morocco, the world’s largest cannabis producer legalizes it
Featured7 days ago
Red Eléctrica increases its profit by 4.9% in March to 181 million
Crowdfunding6 days ago
A study by the Crowdfunding Observatory reveals important data for 2020
Featured6 days ago
Italian fintech company Credimi securitizes €200m of loans to SMEs