Is Australia The New Land Of Opportunity For Luxury Markets?

Australia is now a $1.07 billion AUD luxury market with the ninth highest concentration of high-net-worth individuals (HNWI) in the world. When it comes to luxury, Australia is a promising nation. Wealth is growing steadily at the hands of a resource boom; the population is increasingly well-traveled and the Internet has allowed international brands to pique the interest of Australian consumers like never before.
Yet rarely do we hear luxury brand executives or commentators discuss the market in Australia. We are well informed about the promise of Africa, South America and Southeast Asia, but Australia is generally lumped into annual reports and wealth research as a mere part of Asia-Pacific.