Submitted by newshound on Thu, 10/15/2009 - 10:30
The growing wealth among China's richest and their continuing expansion in numbers means that China's luxury market has been less affected than elsewhere by the global economic downturn. Sales of top-end goods has declined only 5% in China this year, compared with a 20% plunge in the US and a 15% fall in Europe...
In the process, China is climbing up the ranks of destinations for luxury products. Mainland sales of these were worth $8.6 billion in the period in the 14 months to January 31, 2009, accounting for 25% of the global luxury market and surpassing the United States to become the world's second-largest luxury goods market behind Japan.
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