Globe's biggest luxury goods market in 5 years
Source: Xinhua |
May 20, 2010, Thursday
|
Print Edition
Print Edition
CHINA will be the world's biggest market for luxury goods in five years, according to a blue paper on the country's commercial development from 2009 to 2010 released in Beijing yesterday.
Released by the Chinese Academy of Social Sciences, the paper said China's luxury goods market had risen to US$9.4 billion by the end of 2009, accounting for 27.5 percent of the world's luxury goods market and supplanting the United States as the world's second-largest luxury goods market
In five years, the market for luxury goods in China will reach US$14.6 billion, becoming the largest in the world, the paper predicted.
The paper said most luxury goods makers have opened outlets in Chinese metropolises and provincial capitals.
Keen competition has seen some of the firms opening stores in smaller cities.
The paper quoted a Mckinsey & Co report as saying rich consumers in China are generally younger than those in other countries.
The report found 80 percent of China's rich consumers are under the age of 45, while only 30 percent of such consumers in the US and 19 percent in Japan are under 45.
It quoted the Hurun Report 2009 as saying the average age of people with personal wealth over 100 million yuan is 43 in China.
Released by the Chinese Academy of Social Sciences, the paper said China's luxury goods market had risen to US$9.4 billion by the end of 2009, accounting for 27.5 percent of the world's luxury goods market and supplanting the United States as the world's second-largest luxury goods market
In five years, the market for luxury goods in China will reach US$14.6 billion, becoming the largest in the world, the paper predicted.
The paper said most luxury goods makers have opened outlets in Chinese metropolises and provincial capitals.
Keen competition has seen some of the firms opening stores in smaller cities.
The paper quoted a Mckinsey & Co report as saying rich consumers in China are generally younger than those in other countries.
The report found 80 percent of China's rich consumers are under the age of 45, while only 30 percent of such consumers in the US and 19 percent in Japan are under 45.
It quoted the Hurun Report 2009 as saying the average age of people with personal wealth over 100 million yuan is 43 in China.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
