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A million dollars can buy a modest home in some parts of Hong Kong.

But for picky consumers demanding a luxury lifestyle, it is barely enough for a pair of stereo speakers or a bottle of perfume.

With  economic growth, luxury  products are in greater demand and consumer products are becoming ever more expensive.

The prices of beauty products have reached a new high. At Lane Crawford, prices for a  make-up set  by Maison Calavas start at HK$4,500.

Clive Christian,  the most expensive perfume range in the world, is selling its Imperial Majesty  perfume at HK$1.8 million a bottle, while Yu perfume by Cecile Krakower of Mane   is selling at HK$45,000 per bottle.

Imperial Majesty, launched at the end of last year, is yet to be sold to a Hong Kong  customer. But Christian's No1  scent, available at HK$18,500 per bottle, and other Christian perfumes priced between HK$5,500 and HK$6,600, are already popular.

Then there   are HK$880,000 pairs of Muon  stereo speakers by British  manufacturer KEF,  which landed in Hong Kong last week.

Demand for luxury travel is also growing. The Rania Experience,  which provides accommodation  on a private island in the Maldives plus a  26-metre yacht at the guests' service, charges  HK$101,270 to HK$140,220 per night for two people. Since  opening  last summer, two sets of guests from the city have taken  the tour.

For those on a tighter budget, the One & Only Reethi Rah  resort in the Maldives offers deals priced between US$3,185 and US$4,380 a night.   So far 109 Hongkongers have stayed there.

Meanwhile, the rental market for luxury homes  is  booming, driven by the buoyant stock market, says Jeffrey Ng Chong-yip,  of Midland Properties.  Mr Ng said  demand for properties with a  monthly rent of  between HK$50,000 and HK$100,000  had increased drastically this year.

He added that with more international companies setting up branches in Hong Kong and bringing in top executives,  the demand for properties available at HK$200,000 per month had increased by 20 per cent.   Foreigners account for about 70 per cent of these clients.

Next month's opening of Elements, a  Kowloon shopping mall,   is a response to the  demand  for luxury products. The  mall will feature A-list international brands such as Gucci and Cartier stores.

And  internationally renowned  restaurants  are opening in Hong Kong. The latest one is MEGU,  the famed Japanese restaurant that has become  a favourite  among New York celebrities. It will be opening   at Elements.



HK$1m is small change in luxury market