In 2020, China will rank first in luxury goods consumption
Release Time:
2011-05-13 20:46
Source:
Information Weekly Report
The Wall Street Journal reported on February 4: According to the latest report by Lyon Securities, by 2020, China's luxury goods market will reach 74 billion euros, becoming the largest luxury goods consumer in the country. It is expected that by the end of this decade, this figure will exceed American consumers' luxury spending last year by 24 billion euros and Japanese consumers' luxury spending last year by 50 billion euros.
Lyon Securities stated that by 2020, the total global luxury goods market value will be about 385 billion euros, meaning China will account for nearly 20% of the global market. Lyon Securities cited data from Hurun Research, noting that last year, there were 1,363 Chinese individuals with assets over 1 billion RMB, with an annual growth rate of 50% to 58% since 2000.
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