The Rich Times

This piece of news somehow didn’t surprise me. China has overtaken the US to become the world’s second largest luxury market. The Chinese are definitely extremely stylish and fashionable. No wonder, in 2008, China’s super-rich bought a quarter of the world’s luxury goods. According to the World Luxury Association, affluent Chinese lavished 8.6 billion US dollars on shiny and pretty things last year. A local Chinese magazine announced that the Chinese are “The People that Wear Prada.”

Ouyang Kun, China Chief Representative of the WLA, said, “If you take into account the luxury goods that Chinese tourists buy overseas, the total spending would be even larger. Chinese people have spent 25 percent more on luxury goods every year so far.” If China maintains this pace, it will overtake Japan as the number one luxury market in the world in five years.
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