According to a recent report released by the World Luxury Association (WLA), the total consumption of luxury products by Chinese consumers – excluding private jets, yachts and limousines – totaled $10.7 billion last year, accounting for 25 percent of the global market, and second only to Japan’s 34 percent share of the global market.
The WLA expects China to overtake Japan with the largest number of luxury goods consumers by 2012.
So where are these Chinese luxury consumers?
According to the WLA, the top ten Chinese cities with the largest luxury goods consumption are:
1. Shanghai 18.3% 2010-2011 Percent of Total Market
2. Beijing 16.2
3. Hangzhou 13.4
4. Chengdu 11.6
5. Dalian 10.2
6. Qingdao 8.9
7. Wenzhou 7.5
8. Chongqing 5.1
9. Zhengzhou 4.5
10. Shenzhen 4.3
Industry powerhouses are eyeing the next hotpots for expansion. The ten “hotly contested” cities for expansion include Ordos in the Inner Mongolia autonomous region, Taiyuan in Shanxi province, Tangshan in Hebei province, Hefei in Anhui province, and Qingdao in Shandong province, according to WLA.