Business News: Shanghai, fashion capital in Asia | Biz weekly

Shanghai is now the fashion capital in Asia. According to a survey by US-based data research firm Global Language Monitor, the Chinese city has overtaken Tokyo and Hong Kong.

Shanghai ranks 10th on a list topped by New York, Paris and London. Global Language Monitor tracked 250,000 print media and social media channels to look for keywords associated with fashion and haute couture, which it used as gauge for its ranking. Asia is well-represented in the top 20, with Tokyo at No 11, Singapore at No 19 and Hong Kong at No 20. Beijing didn't make the top 55.

Shanghai is a hot destination for multinational brands that want to engage a population with an increasing disposable income. Marketing firm ContactLab found that luxury shoppers in Shanghai are still eager to buy the latest fancy items, with average consumer's spending even more than New Yorkers.

Shanghai’s middle and upper class has a keen eye for style and are willing to spend on western luxuries. Apple has four retail outlets in Shanghai, more than Tokyo and Singapore combined.

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