BRIC (Brazil, Russia, India , China) have been the key countries that economists believed are the emerging countires that would lead the gowth of the world gross domestic product forward.
Now economists are arguing intriducing a new term ,Eagles , Emerging and Growth Leading Economies that would include countries like South Koria, indonesia, Turket, Egypt, Taiwan along with the BRIC countires.
The economists beleive that going forward, the Eagle countries would contribute to half of world growth in the next decade. They believe that these countries would contribute to over $10 trillion in the next 10 years whereas the joint growth provided by Japan , britain, Germany, France and Italty would be close to be estimated at $6 trillion.
Source: New York Times
Luxury products can be defined as mature products which have historical attachment, global recognition and high perceived value or in short ‘a story to brag about’. These products are mildly correlated to the consumption and economic conditions of the consuming country. China, the biggest developing country of the world has surpassed US to become the second largest consumer of luxury products. It now consumes 27.5% of the worlds luxury goods. This reflects the economic 
