Business Intelligence on Retailing, Franchising, and Consumerism in China

Ministry Of Commerce: China Will Become World's Biggest Luxury Market By 2014

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.

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