Move over America and Japan, China’s taking over the luxury limelight.
Adapted From the WSJ; February 5, 2011
To put that in perspective, that’s $32 billion more than what U.S. consumers, who still lead high-end purchases, spent on luxury last year, according to CLSA. It also exceeds last year’s spending in Japan, long known as the world’s main driver of growth in luxury consumption, by more than $68 billion.|
By 2020, the luxury market world-wide should be worth $523 billion, CSLA says, meaning China would represent nearly 20% of the global total.