Luxury goods demand may peak by 2015

Move over Japan. China is poised to become the world's largest luxury goods market in the next five to seven years, according to Boston Consulting Group in its latest survey of Chinese consumer trends released in Beijing yesterday.

"By 2015, 29 percent of global luxury product consumption will come from China, making it the world's largest luxury market," Vincent Lui, principal of Boston Consulting's Hong Kong office, said at a news conference yesterday.

China, which presently consumes about 25 percent of the world's luxury products, is the second largest luxury goods consumer after Japan, according to earlier reports.