In general foreign luxury goods are preferred, with top purchases being automobiles, clothing, cosmetics, purses and watches.
Mr Smith points out that bigger foreign luxury car makers can spread their costs across a global market.
Even an import duty of up to 40% on foreign luxury goods into India has not kept most Western luxury retailers out of the market.
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The trouble is that, after years of government-sponsored anti-import and anti-consumption campaigns, many South Koreans believe that most problems can be solved by saving more and not buying foreign luxury goods.
Sales of luxury foreign cars are booming in China, and many specialty brands expect to sell more cars in China in 2011 than in any other country.
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Last year, six out of the top 10 foreign markets for the luxury liquor were outside the eurozone.
The generation that is under 35 and living in the cities is becoming used to having luxury goods and to foreign brands.
Throughout the conflict, almost all foreign journalists have been housed in the luxury Rixos Hotel, which lost its Turkish management after Ankara turned its back on Gadhafi several months into the war.
Since all the tariffs have made foreign goods synonymous in the public mind with luxury, such campaigns injure imports most.
The luxury firm also notes that the profile of foreign buyer may change as well, with more buying harking from Malaysia, Indonesia and the Philippines rather than China, India and Singapore.
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In China, for instance, some foreign investors made aggressive bets on the country's luxury housing market in the past few years, only to get burned after the government moved to rein in excessive speculation.
Smaller firms do not have the luxury of using machines that are not sold to foreign competitors.
As with other luxury markets across the U.S., however, foreign buyers harking from countries like England and Switzerland are becoming an increasingly bigger purchasing presence.
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