According to the ANNUAL REPORT ON CHINA'S COMMERCIAL SECTOR (2010-2011), released by Chinese Academy of Social Sciences in 2011, the luxury goods in China are expected to remain robust growth in the next few years. By 2015, China may have become the world's largest luxury goods market.
Bain & Company reports and estimates that the marketing turnover of the global luxury goods reached 168 billion euros in 2010, increasing by 10% compared with 153 billion euros in 2009. The marketing turnover of luxury goods in U.S., Europe and Asia-Pacific region (excluding Japan) increased by 12%, 6% and 22% respectively in 2010, among which Chinese luxury goods sales rose by 30% to 9.2 billion euros, significantly higher than the global average growth.
From the demand’s perspective, Chinese people’s demand for luxury goods is mainly because of the economic take-off; from the luxury consumers’ perspective, Chinese affluent consumer group is generally younger than foreign affluent consumer group. In China, the luxury goods consumer group is male-dominated, and young entrepreneurs along with business people are all important customers. Chinese people purchase more luxury goods abroad than in domestic market.