Consumption of luxury goods

That China will become the world's largest luxury market is not something that we should feel proud of, says an article in Qilu Evening Post. The following is an excerpt:

The Ministry of Commerce estimates that China will become the world's largest luxury market by 2014, accounting for 23 percent of the total. Current data shows that China now ranks third in the world behind the United States and Japan.

According to the World Luxury Association, spending on luxury items in China was $8 billion last year, rising at an annual rate of 20 percent.