China becomes the second largest luxury goods consumer country
Release Time:
2011-05-18 20:29
Source:
Information Weekly Report
The internationally renowned consulting firm Bain & Company recently collaborated with the Italian Luxury Goods Manufacturers Association to release a global luxury goods market report, showing that the luxury market has completely emerged from the impact of the financial crisis. In 2010, the global market size reached 172 billion euros (254 billion US dollars), surpassing the pre-financial crisis level, an increase of 12% compared to 153 billion euros in 2009.
The report states that China has surpassed Japan to become the second largest luxury goods consumer after the United States. In 2010, luxury goods sales in the US market rose by 12%, Europe by 6%, while Asia reached 22%, with mainland China's luxury goods sales growing by 30%. Bain expects luxury goods sales in the Americas to increase by 8% this year, while sales in Japan are expected to decline by 5%, and China is expected to grow by 25% to 11.5 billion euros.
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