Chinese Luxury Consumerism Up

Although America and Europe are still caught in a recession that has seen a decrease in high-end luxury purchasing, China has seen an increase.  In 2010, the sale of luxury goods in China hit the 212 billion yuan mark, with a growth of approximately 25% on that figure in 2011.  Even more interestingly, new customers accounted for over 60% of the purchases.

Luxury companies from Cartier and Van Cleef to Hermes and Christian Dior all reported significant increases in their sales last year – and the Year of the Dragon should account for even higher sales.

With this information in hand, many luxury buyers are turning their attention to China.  At the moment, they represent 10% of the world’s luxury sales market. And, Chinese buyers aren’t just boosting sales at home; they are also accounting for more of the luxury sale purchases outside of China.

Just during the holiday season this past year, Chinese buyers accounted for $7.2 billion in sales in the US and Europe.  According to a report by the World Luxury Association, this is an increase of over 28% year-on-year.

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