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Luxury sales to grow
By Lu Nengneng |
December 16, 2011, Friday
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Print Edition
Print Edition
CHINA'S luxury sales may grow 25-30 percent this year despite a gradual softening in consumption seen for the fourth quarter, consulting firm Bain & Co said in a report yesterday.
Chinese consumers spent 159.5 billion yuan (US$25.1 billion) on luxury purchases on the Chinese mainland, Hong Kong and Macau in 2010 to rank third-biggest globally after the United States and Japan. Their purchases outside the mainland accounted for 60 percent of their total of 212 billion yuan spent on luxuries around the world.
New shoppers were the key drivers of growth.
Chinese consumers spent 159.5 billion yuan (US$25.1 billion) on luxury purchases on the Chinese mainland, Hong Kong and Macau in 2010 to rank third-biggest globally after the United States and Japan. Their purchases outside the mainland accounted for 60 percent of their total of 212 billion yuan spent on luxuries around the world.
New shoppers were the key drivers of growth.
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