China to be key area of growth for global luxury goods market – AFX

From AFX, via Forbes.com:

China will be the key area of growth for the global market in the coming years as the country’s economy continues to grow and the tastes of Chinese consumers mature, Ernst & Young said.

China is now the world’s third largest luxury goods consumer with more than two bln usd in annual sales, Ernst & Young said, adding that the segment is expected to grow 20 pct annually until 2008, and then by 10 pct a year until 2015.

Read the Ernst and Young report, “China: The new lap of luxury.”

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