The world's leading business consulting firm Bain & Company (Bain) released Saturday, a report saying that China will see a 15-percent rise of gross income on the luxury goods industry, which is seen as a driving force for global income increase (four percent).
The purchase of luxury goods in China topped other countries in the first quarter of 2010, and is likely to maintain the momentum, said Bain.
According to research done by the Chinese wealth trackers and luxury publisher Hurun Report recently, 57 percent of Chinese multimillionaires spent 1 to 3 million yuan ($146,348 to $439,045) and the spendings of 18 percent even exceed this number. Luxury products account for the largest portion of the calculation
Among all the expenditures on the luxury industry, expenses with limos represent 40 percent of the total, followed by elite housing (38 percent), clothing and jewelry (9 percent), private aircrafts (4 percent), first-class trips (1 percent), while other areas account for 8 percent, said Hurun.
Currently, the number of multimillionaires in China has reached 875,000, a growth of 6.1 percent year on year, and 55,000 billionaires, which increased 7.8 percent compared with last year, according to Hurun.
