Half of the luxury-goods consumption in China was generated from the need for gift giving, China Economic Weekly reported Tuesday, citing a study conducted by consulting firm McKinsey & Co.
China's luxury-goods market saw a 12 percent increase in 2009, to reach $9.6 billion, accounting for 27.5 percent of the global market, according to a recent study released by consulting firm Bain & Co.
Bain also predicted that in the next five years, China's luxury spending would increase to $14.6 billion, leading the world, the report said.
Boston Consulting Group released a study at the CEIBS 2nd Prestige Brands Forum 2010 held in Shanghai on March 27 with even more optimistic predictions about China's luxury-goods market -- that China's luxury spending would amount to 248 billion yuan ($36.33 billion) in 2015.
