China is racing up to lead as the world’s largest luxury goods market

After Japan now we have China as the World’s second largest luxury market leaving behind USA. According to the World Luxury Association, the rich Chinese bought a quarter of the world’s luxury goods, which amounted to about $8.6 billion in the year 2008. The Chinese are enhancing their quality of life with the most expensive luxury goods. Top categories of luxury goods in China include liquor, automobiles, jewelry, fashion accessories, clothes and cosmetics.

READ:  World’s largest duty-free mall opens in China, 72,000 sq.m of shopping heaven

This excludes the luxury goods the Chinese tourists buy overseas which would have increased the toll. If China keeps the same pace it will soon become the world’s largest luxury goods market within the next five years with astounding amount of $14 billion.