China Lusts for Luxury

Mainland China people are more enthusiastic about buying luxury goods than any other part, according to Ivan Tong, chairman of Sparkle Roll company.

Sparkle Roll, a Hong Kong-based distributor for top luxury goods had a turnover of 1.2 HK dollars, an increase of almost 100 percent from the previous year.

Tong credited this to China's robust economic growth and growing number of rich people. One in every ten Bentleys, the super luxury car, is sold in China. The same is applied to other top brands like Rolls-Royce and Lamborghini, Tong added.

Luxury watch brands like DeLa Cour BiTourbillon were also launched in China this January.

According to a report on China's commercial development 2009- 2010 released in Beijing in May this year, China is set to lead world's luxury market in five years. Produced by the Chinese Academy of Social Sciences, the report said China's luxury goods market had increased to $9.4 billion last year, accounting for 27.5 percent of the world's luxury goods market. In five years, the market could expand to $14.6 billion, becoming the world's largest luxury market.

Tong also said this was the outcome of 30 years of economic reform. The country, which was looked down upon as a factory, is now producing billionaires. China is also not affected by the economic slowdown the globe is facing currently.