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China to rival top luxury consumer in 10 years
(AFP)
Updated: 2005-09-16 07:30
BEIJING - In just 10 years, China could rival Japan as the world's top
consumer of luxury items, accounting firm Ernst and Young said in a report. AFP
reported.
An employee works
on a display at a Hugo Boss shop in Shanghai. Accounting firm Ernst and
Young said in a report that in just 10 years, China could rival Japan as
the world's top consumer of luxury items.
[AFP] | "By 2015, Chinese consumers could be as
influential as the Japanese and account for 29 percent of all global luxury
goods purchases," the company said in its report, "China: The New Lap of
Luxury."
Currently, China is the world's third-largest consumer of luxury goods,
accounting for 12 percent of global sales, behind Japan's 41 percent and 17
percent for the United States, the company said.
The forecast that China was set to overtake the United States was based on
predictions that luxury consumption in China would grow by 20 percent annually
until 2008, and then 10 percent a year until 2015.
"Chinese consumers have started to mature and demand a wider range of luxury
goods," the report said.
It suggested that foreign luxury retailers could also benefit from this
trend, as more Chinese go overseas, helped by a stronger currency.
"Chinese travelers also have begun to flaunt their purchasing power overseas,
greatly boosting the luxury goods sector in foreign markets," it said.
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