10 Feb '11, 2pm

Chinese consumers showing strong appetite for luxury goods

Chinese consumers showing strong appetite for luxury goods

HONG KONG: According to a report from research house CLSA Asia-Pacific Markets, China looks set to become the world's biggest market for luxury goods by 2020. Over the next 10 years, China will account for about a fifth of the world's global luxury market, roughly US$100 billion, US$17 billion more than the US. Driving the boom are China's new millionaires, who average only 39 years in age. European luxury goods companies like LVMH and Chanel are doing brisk business at the tills in China, compared to the US and Europe. A recent auction shows that money is not an object, where a vintage 1869 bottle of Chateau sold for more than US$230,000. Aaron Fischer, Regional Head of Consumers and Gaming with the CLSA, said: "People in Greater China really love showing how well they're doing, buying luxury goods is a good way to demonstrate your success. "We did a survey in this report...

Full article: http://www.channelnewsasia.com/stories/marketnews/view/11...

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