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Goldman Sachs predicts that by 2015, China will be first in world consumption of luxury goods.
According to the Economic Reference Journal, the report said that China had already become third in world consumption of luxury goods, contributing to 20% of world consumption. In the next four years, China's demand for luxury goods will reach an annual compound growth rate of 25% and in 2008 will have a 19% market share, in 2015 29%, surpassing Japan. At that time, China's luxury good consumption will be equivilant with that of Japan. At present, Japan makes up 41% of total luxury goods sales and is number one in the world...
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