China to become the world's first luxury goods market in 2015, the report said

March 9 Morning News, global information management company McKinsey released a report that in 2010, luxury sales in China has reached 12 billion U.S. dollars, is expected in 2015, China's luxury sales will reach 27 billion U.S. dollars, will overtake Japan as the world's largest luxury market. Previously on the internet, China's luxury consumer groups have "more money, people stupid, quick to" jokingly, in fact, China does have boundless potential for luxury goods.　　The figures show that despite the global recession in 2009, luxury sales in China still show a 16% increase.　　The McKinsey report shows that China's 13 million upper-middle class households (annual income of 100,000 to 200,000) are the main source of growth in luxury sales, which accounts for 12% per cent of the market, and in 2015 it is expected to grow to 76 million households.　　In 2010, only 6% of consumers in Japan consumed more expensive luxury brands, the report said. But in China, which accounts for 30% of the population, the number of luxury stores in Japan is much higher than in China, with 40 in Japan's Hermes stores, but less than 20 in China. In addition, China's 36 largest cities, including 2 major cities, 9 large cities and 25 developed cities, will be from now to 2015 the luxury market 74% growth, will occupy 76% of the luxury market share, of which, Shanghai and Beijing will account for the total luxury consumption of 21%,　　Accounted for a 19% increase in share between 2010 and 2015. McKinsey predicts that, in the face of China's rapid urbanization, in the next five years, the number of big cities in China will increase by one times, from the current 30 to 60, luxury goods such as Qingdao, Wuxi and other cities are expected to increase by twice times in five years, the consumption of these cities in 2015 will be close to the current level of Hangzhou and Nanjing. (Xu Wen from Shanghai)