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China to be largest luxury items consumer by 2012
20
Jul '11
By next year, China is expected to become the world's largest consumer of luxury items, overtaking Japan, according to the latest report of World Luxury Association.

In 2010, China consumed luxury goods worth US$ 10.7 billion, accounting for one-fourth of the total worldwide consumption of luxury items.

China has adopted a shopping concept that promotes luxury items through the slogan “no good goods are cheap, better goods are not cheap.”

As a result, for example, wool apparels priced at 2000-3000 Yuan/piece are witnessing good sales in malls across China, while there are very few buyers for those priced at 200-300 Yuan/piece.

Fibre2fashion News Desk - China

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