China will become the biggest luxury market in two years

UBS expects China to be the biggest luxury market in two years. Japan was once the most important market for luxury goods, but that era seemed to be over.　　China will be the biggest market for luxury goods in two years from now, according to Asia Pacific chief investment strategist at UBS's Wealth Management Research Division. For now, luxury-goods makers are enjoying rapid growth in traditional high-end shopping malls in Europe and the United States and beyond Tokyo's Ginza.　　Asia is emerging as a new gold country for the major luxury brands. Consumer luxuries are becoming fashionable even if just a keychain or a small clip with a credit card. Almost everyone can participate in the lifestyle the rich can enjoy, which has benefited the world's luxury manufacturers. Rising demand in emerging markets is a sign that luxury shops will grow robustly and steadily over the long term. As with many current economic phenomena, the Chinese market is the mainstay of luxury consumption. Our forecasts do not include the demand for luxury goods for Chinese tourists traveling to Europe. At present, 36% of global luxury sales are from Europe, with only 25% per cent of the contribution of local consumers in Europe. According to the Shanghai Securities Journal