According to the Business Blue Book issued by the Chinese Academy of Social Sciences on May 19, China has a luxury consumption of US$ 9.4 billion. With 27.5% of the world’s total in this market, China has surpassed the U.S. to become the largest luxury goods consumer second to Japan. Within five years, it will top the world luxury goods market with US$ 14.6 billion spent on luxury goods.
The Business Blue Book noted that China’s affluent consumers are generally younger than in other countries. A 2008 report from McKinsey, a managment consulting firm, said that 80% of China’s wealthy people are below 45 years old, while the ratio is only 30% and 19% in the U.S. and Japan.
Source: People’s Daily, May 19, 2010