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 consumption in the world, just behind heavyweights 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 globally.
The worldwide figure luxury goods sold worldwide closed at €172 billion ($250 billion) in 2010, exceeding as opposed to the firm’s original prediction of €168 billion ($244 billion). The figure is expected to rise to €185 billion ($269 billion) by the end of 2011.