China dethrones Japan to become the world’s second largest luxury good buyers market

China seems to be the best place for entrepreneurs to be now. If the “Luxury Goods Worldwide Market Study” reports recently released by consulting firm Bain & Company are to be believed, China has dethroned Japan to become the second largest luxury goods consumer in the world, just behind heavy weights United States. In 2010 alone the Chinese spent €16 billion ($23.25)on duty-free luxury items at airports. The report also adds that luxury sales in mainland China can grow up to 25 percent at constant currencies this year to €11.5 billion ($16.72 billion), faster than any other luxury goods market in the world.

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The worldwide figure luxury goods sold worldwide closed at €172 billion ($250 billion) in 2010, exceeding as opposed to the original predication of €168 billion ($244 billion) by the firm. The figure is expected to rise up to €185 billion ($269 billion) by the end of 2011.