Data Show That China Will Become The World'S Largest Consumer Of Luxury Goods In 2012.

According to a report released in June 9th by the World Luxury Association, China is expected to become the world's largest luxury trade and consumption center in 2012 by the Japanese earthquake, the continuous growth of China's domestic consumption and the appreciation of RMB. The total consumption is expected to reach $14 billion 600 million.

The blue book on the 2011 official report of the World Luxury Association, released on 9, shows that from February 2010 to the end of March 2011, China

China has become the world's second largest consumer of luxury goods, and has also become the largest consumer of luxury goods abroad. In Europe alone last year, the total consumption of Chinese consumers was nearly US $50 billion.

The report said that as of the end of May, Japan's luxury consumption still ranked first in the world, accounting for 29% of the global market share, but Japan's earthquake had great impact on its domestic luxury market.

It is estimated that from February 2012 to March, with the coming of Spring Festival shopping climax of traditional Chinese festivals, China will replace Japan as the world's largest luxury consumer.

In view of the price discrepancy of luxury goods at home and abroad, the leaders of the World Luxury Association suggest that we should adjust and refine the relevant tariff and tax exemption measures, formulate regulations on sales supervision of luxury goods in China, standardize the formulation and sale of luxury goods, and strengthen the protection of luxury goods knowledge.

The world's luxury goods association and China

Another reporter has learned that a discussion on reducing import tariffs on some luxury items such as perfume is being carried out between the Ministry of Finance and the Ministry of Commerce and other relevant ministries and commissions. It is expected that there will be preliminary results in the year, which will reverse the current situation of the "big end" of China's luxury consumption and boost domestic demand more forcefully.

Chen Deming, Minister of Commerce, has mentioned that there are no customs duties in some overseas markets, so some commodities are cheaper than domestic ones.

In addition, China's high-end consumer goods distribution system has just been established, with many levels and high costs, and has also increased the paction costs of high-end consumer goods.

According to Ouyang Kun, China head of the World Luxury Association, some luxury goods have already been produced in China, but because of authorization and other problems, they have to go out of the way to sell domestic products, so the price is at least 30% higher than that in overseas markets.

China's import tariffs on luxury goods are generally at 15%~25%. As China has been pushing to expand imports, the import tariff of luxury goods is expected to be lowered in 2012, and is currently being coordinated among ministries and commissions.