# Prof. Scott Galloway explains the importance of middle class luxury consumers in emerging economies

1 Faculty News October 15, 2013 ![Bloomberg logo](/sites/default/files/styles/246w/public/assets/images/bloomberg192x144.jpg?itok=yV529lwz)>

Excerpt from [Bloomberg TV](http://www.bloomberg.com/video/emerging-markets-middle-class-good-news-galloway-N92FveT7SL2y54sV_fTLyw.html) -- "In developed markets, who drives luxury? Affluent people. In emerging markets, it's actually middle-class consumers. The average luxury consumer in the U.S. has $175,000 in income, she's 53 and it is a she. She spends $3,000 a year on handbags. The average luxury consumer in China makes $17,000, is 33 and spends $2,000 on handbags. The emerging middle class in these developing markets loves luxury."

[Watch the video](http://www.bloomberg.com/video/emerging-markets-middle-class-good-news-galloway-N92FveT7SL2y54sV_fTLyw.html)