Wandering China

An East/West pulse of China's fourth rise from down under.

Chinese lap up luxury goods [Straits Times]


Free-spending Chinese pushed the country past the United States last year as the world’s second-largest consumer of luxury goods, with US$9.4 billion, or 27.5 per cent, of the global market, the World Luxury Association said.

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Chinese lap up luxury goods
China has overtaken the US as world’s No. 2 luxury consumer
Source – Straits Times, 06 March 2010

Photo: Straits Times

BEIJING – PRIVATE jet costs US$20 million (S$28 million), plus nearly US$2 million a year in maintenance, but super-rich Chinese are buying more of them as China moves towards becoming the biggest consumer of luxury goods.

Fifteen planes were sold to Chinese billionaires last year by one company alone, China Daily reported this week. The number is almost double the eight planes the company, Luxury Asia, sold in 2008.

This year, it plans to sell 20.

‘In just two months this year, we’ve already sold four jets,’ said Mr Meng Pengjun, chief executive officer of the company’s China operation.

Free-spending Chinese pushed the country past the United States last year as the world’s second-largest consumer of luxury goods, with US$9.4 billion, or 27.5 per cent, of the global market, the World Luxury Association said.

The country is poised to overtake Japan, the No. 1 luxury consumer, in five to seven years, The Boston Consulting Group said in a report in January.

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Filed under: Culture, Domestic Growth, Economics, Finance, Influence, Straits Times

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