In love with luxury amid global gloom

The global economy may be in a tailspin, but Asia's affair with high-end goods continues to bloom, reports Karl Wilson in Sydney.

When Selfridges of London, one of the world's most famous department stores, opened its post-Christmas sale on Boxing Day, the mall enjoyed the most profitable period in its entire history, raking in a staggering 1.3 million pounds ($2 million) in just 60 minutes.

Asian shoppers, thousands of them, kept the tills ringing.

In a tribute to the growing clout of Asia, the Daily Mail newspaper wrote: "Thousands of Asian shoppers were to be found elbowing their way through the throng as keenly as the most bargain-savvy Brits.

"Not long ago, the number one Asian clientele would have been Japanese (but) the Pacific's financial tectonic plates have well and truly shifted. In the past 12 months, visitors from China have comfortably surpassed all the oil-rich Arab nations, Japan, Russia and the United States to become Selfridges' number one overseas nation in terms of spending power."

With the Chinese New Year edging closer, sellers across the world are gleefully rubbing their hands in anticipation of another shopping frenzy that will give a boost to both quality and quantity purchase.