Luxury Goods Market in China (03 January2006)

According to a Merrill Lynch report, China had 235,000 millionaires in 2003 and that number is estimated to be rising by 12% per year. In addition, according to the China Brand Strategy Association, 175 million Chinese people can now afford to buy luxury products. By 2010, this number is projected to reach 250 million. Merrill Lynch estimates that by 2014 the Chinese could become the largest source of luxury goods purchases, accounting for 24% of industry global revenues. The demand for a high quality of life is increasing dramatically, especially among successful businessmen and politicians.

The menswear market is reported to be growing fast as Chinese men turn to style in greater numbers. They are demanding to learn the gentleman's culture and international etiquette. It is the right time to enter into the Chinese Luxury goods market.