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"Go to China" has become the catchphrase of the world's luxury brands. Accompanying the rapid growth of China's consumption strength, the pace has picked up for luxury brands to enter China.
It was reported that by 2010, the Chinese luxury goods consumption market would reach 500 billion yuan (US$64 billion), second only to America and Japan to become the third largest luxury goods market.
At present, China's luxury goods expenditures are about US$2 billion, 3% of the world total. According to Morgan Stanley's statistics, in the next few years, Chinese consumers of luxury goods will be 8% of the country's overall population.
Facing an ever growing market, recently, various luxury brands such as France's top cosmetics company Suvius, world jewelry super-brand Cartier, high-end fashion brand Prada have all come out with plans to have stores in China.
But some analysts warned that global economic slowdown and other factors can have an impact on the Chinese economy and the existence of pirated goods also pose a threat for most luxury brands.
(Chinanews.cn September 13, 2005)
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