China third largest luxury market

China is currently the third largest consumer of luxury and fashion goods. A recent survey has shown that the Chinese market is booming and is attracting some of the world’s leading luxury brands to establish a strong presence in that country. The survey was revealed during the China-France Fashion and Luxury Management Forum, where leading fashion manufacturers met to exchange ideas.

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Sales of luxury goods in China reached $2 billion (£1.1 billion) last year and are expected to grow 20 percent annually after 2008. The Chinese luxury goods market will surpass the $11.5 billion by 2015 and will represent 29 percent of global consumption. Approximately 10 million to 13 million of the Chinese population spends money on luxury goods, and according to the survey that number is bound to increase with the company’s rising economy and growing urban population.

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