Luxury is evolving quickly in China and it is easy to get lost in the sea of information. Here are five fast facts from global brand experience agency Jack Morton Worldwide on China’s luxury market that you should know:
1. By 2015, China will be the world’s largest luxury consumer market.
2. By 2015, China’s online shopping market will reach 18 trillion yuan (US$2.86 trillion), compared to US$84 billion forecasted for the US.
3. China’s consumer class currently represents only about 19 percent of the national population.
4. Urban household income is expected to double between 2010 and 2020.
5. 122 US Dollar Billionaires; 1,280,000 US Dollar Millionaires
image credit: ivan walsh</span>