Tax Free Asia Pacific conference charts regional optimism

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Today's conference, attended by 400 delegates, provided some stimulating reports for the region from both Dr Kenneth Courtis, vice chairman Goldman Sachs Asia and Colin McIlheney, head of survey research, PricewaterhouseCoopers Europe, Middle East Africa and Asia Pacific. Mark Rosenfeld, vice president and co-head, regional consumer research with Salomon Smith Barney Asia Pacific joined both speakers in the panel discussion.

Courtis predicted that over the next ten years China's economy was likely to double and that since the economic downturn of the late-1990s the countries in the region had repositioned with a greater focus on education and high-end services. He also projected that whatever happened in the Asia Pacific region China would continue to grow and that within two decades it's economy could reach Japanese levels.   

Japan was currently showing signs of greater optimism in response to a new prime minister and that the NASDAQ was strong but Japan was yet to reach it's financial crisis and that the implications of this, should it happen, would be significant globally.

Colin McIlheney too, spoke of positive changes in his address, which was specifically  focussed on reflecting the voice of the consumer for today and tomorrow. Research results clearly indicated that for Asia Pacific the luxury brand market would continue to see significant growth particularly with female consumers under 35 years of age.

In the panel discussion, Mark Rosenfeld emphasised the importance of the Chinese as future travellers. He indicated that the Chinese as consumers were very impressed by international brands and were brand loyal. He also commented that currently with the huge growth of software providers and fashion clothing retailers in China the economy for these specific categories is currently doubling every two years.

• The Tax Free Asia Pacific exhibition was officially opened by Peter Chen, Senior Minister of State for Trade and Industry and Education in Singapore.