At the First Annual Luxury Brands Forum at the China Europe International Business School in Shanghai, company executives, academics, economists, and consultants from many countries debated the current state of the luxury goods industry in China.
Forum participants made it clear they feel that China is the most important market in the world for luxury goods companies, because sales are growing so fast--by 50 percent a year--while sales growth in mature markets has slowed. Participants also noted that China is a relatively small market for luxury goods, accounting for less than 10 percent of global sales. Most speakers agreed that consumption is largely driven by China's post Cultural Revolution generation, and that luxury goods are viewed favorably by most Chinese consumers.
Source: Wharton Business School, http://www.knowledgeatwharton.com.cn
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