China'S Luxury Consumption Exceeds Japan As The Second Largest Consumer.

Bain consultancy, an internationally renowned consultancy, and the Italy luxury goods Producers Association recently released a global partnership.

The global market will reach 185 billion euros this year.

The report says the luxury market set a new sales record in 2010.

Data show that the luxury market in 2010 amounted to 172 billion euros ($254 billion), more than before the financial crisis, compared with 153 billion euros in 2009, an increase of 12%.

In 2011, luxury consumption returned to normal and continued to maintain high growth.

Since 2011, the sales figures of luxury luxury roads, such as vermin, Burberry, PPR (PRTP.PA) and TOD, have surpassed market expectations.

In the first quarter of this year, such as LV bags and other brands, the sales of all kinds of products have increased by 17%, including fashion, leather goods, clocks and jewels.

Bain's report therefore raised the expected growth in luxury sales this year to 8%. Overall, the global sales of luxury goods will reach 185 billion euros, more than 172 billion euros last year, and will set an innovation record.

China is the second largest consumer of luxury goods.

According to the report, China has exceeded the purchasing power of Chinese consumers overseas.

According to the survey, luxury sales in the US market increased by 12% in 2010, 6% in Europe, and 22% in Asia, while sales of luxury goods in mainland China increased by 30%.

Bain predicts that sales in the Americas, including the United States, so far are still the world's largest luxury market, will increase by 8% this year, while Japan's sales are expected to decline by 5%.

In addition, China is still the fastest growing country in terms of sales volume, and its sales of luxury goods are expected to increase by 25% to 11 billion 500 million euros at a constant exchange rate.

In addition, the report points out that India lacks retail space and Indians prefer tradition.