China overtakes US as nr2 luxury goods mkt

China has overtaken the US as the world’s second largest consumer of luxury goods following Japan, according to the study, 2009 China Luxury Forecast, Jewellery News Asia reported.

Jointly conducted by Ruder Finn Public Relations and a leading market research company, the study further revealed that China now accounts for 25% of the global consumption of luxury goods, surpassing the US for the first time, the report said.

About 80% of the world’s leading luxury goods brands now have a presence in the China market. UK-based consulting firm OC&C predicts that sales of luxury goods in China will reach US$12 billion by 2010.

Jewellery News Asia.