British department store Harrods has introduced the Harrods Residence, a private members' club in Shanghai, featuring exclusive perks such as access to Gordon Ramsay's first restaurant in China, a selection of rare whiskies and private jet services, with membership fees starting at approximately 20,000 euros ($21,700). Image: Harrods
There is no getting around this reality: the core customer base for luxury goods is not growing significantly, necessitating a strategic focus on top spenders to sustain revenue.