Economy

One in four luxuries bought by Chinese

By Zhao Chunzhe (chinadaily.com.cn)
Updated: 2009-12-22 11:13

A Gucci executive hailed China will beat the US when it comes to purchasing items in the luxurious range.

"China will replace the US to be the second world luxury market this year," said Robert Polet, executive of Gucci, the Guangzhou Daily reported Tuesday.

While most people in Europe and the US watch their pockets, one in four luxuries was bought by Chinese customers, said Liu Jinshan, the direct of the Economic Department of Jinan University.

Purchasing luxuries abroad has become important for Chinese tourists. The statistics shows 60 percents of luxuries purchased by Chinese people were bought from abroad. "The customers ask us to take them to the luxury shops, especially for the Europe tours," said Wen Qian, vice manager of a tourist company.

"Part of the trend accounts to the emergence of the rich class in China. They buy luxuries to raise their taste and awareness of status. Some 'white collar' workers follow their examples and join in the 'I love luxury club'. Also, the only child generation has come of age and they have new ideas about consumptions which their families can support," added Liu.