economy - Shanghai has only 100,000 luxury buyers

Shanghai has about 100,000 regular buyers of luxury good of famous brands, says a cheerful article in the China Daily with interview of managers at ice-cream seller Haagen Dazs and retailer of Rolls Royce.
I found the number rather small for a city of 20 million inhabitants and it seems to be based on a solid finger into the air in stead of decent academic fieldwork. Haagen-Dazs boasts an annual growth of 40 percent, not very hard when you start at zero and increase the number of outlets as fast as they are doing.
Compared to Beijing the Shanghainese always were rather reluctant to buy expensive brand names, and would rather go for the fake cheaper ones. The figures might be changing, but this articles offers rather little support.