Half of luxury goods purchased by Chinese in 2009 were gifts, according to a survey by global consultant firm McKinsey & Company.
"It was the most impressive event in my career as a tour guide," said a CITIC Travel guide of the 1,000-person tour group that visited the U.S. during the Spring Festival. "Chinese people swept Fifth Avenue [in New York City] and bought all the best and most expensive commodities."
A businessman surnamed Zhao from Guangdong Province, who was part of the tour, bought five Vacheron Constantin watches. He said many of his clients preferred this brand.
A report by the consultancy group KPMG showed Chinese consumers became familiar with more luxury brands in the past two years. On average, they knew about 60 brands, while consumers in prosperous Beijing, Shanghai and Guangzhou knew 70.5, 73.3 and 67.5 brands, respectively.
A Chinanews reporter found that 60 percent of international luxury brands have their own product lines in China. Since the financial crisis in 2008, more luxury companies have shifted their focus to China.
A Bain & Company report said China's luxury goods market increased 12 percent in 2009, reaching US$9.6 billion and accounting for 27.5 percent of the global market. It estimated that in the next five years, China's luxury consumption would reach US$14.6 billion and become the world's largest luxury goods market.
Boston Consulting Group is even more optimistic about China's market. At a world top brand forum on March 27 in Shanghai, the company said China's luxury goods consumption will reach 248 billion yuan (US$36.33 billion) in 2015.
