Yu Guangzhou, vice minister of Ministry Of Commerce, says that by 2014 China may become the world's biggest luxury market with about 23% share of the total global revenue.
Yu says that China has a rapid development in its consumer market. Since 1978, its average annual increase is as high as 14.4%, which is about three times the global average level. With this growing speed, the share of China's luxury goods will be about 23% of the global total by 2014.
Not long ago, the World Luxury Association released a report which said that in 2007 Chinese people spent US$8 billion on accessories, apparel, leather products and perfume. China's luxury consumption already takes 18% of the global amount.