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Light industry: Luxury goods fever
(Chinanews.cn)
Updated: 2006-03-29 15:13
Global luxury goods producers are excited for the discovery of a "new land"
-- China -- after Japan became the world's largest luxury goods consumer 15
years ago.
According
to lately released statistics, the scale of the global luxury goods market
had expanded to US$143 billion in 2005. A report of Ernst & Young International,
one of the most famous four accounting firms, shows that China's luxury goods
market records over US$2 billion of annual sales, and the figure
is expected to grow about 20% annually after 2008 and exceed US$11.5 billion
in 2015.
By then, Chinese consumers will become as influential as Japanese consumers,
and their luxury goods consumption volume will account for 29% of the world's
total.
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