InfoAnda - China luxury sales to rise 12 pct in 2009: study

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China luxury sales to rise 12 pct in 2009: study AFP - Wednesday, October 21 Send IM Story Print BEIJING (AFP) - – Sales of luxury goods in China are forecast to rise 12 percent this year, a global consulting firm said Wednesday, bucking the downward trend seen in other major markets hit hard by the financial crisis. Global sales of high-end products are expected to drop eight percent overall in 2009 to 153 billion euros (229 billion dollars), according to a study by Bain & Company emailed to AFP. The United States and Japan, two of the world's largest markets for luxury goods, are due to see sales fall by 16 percent and 10 percent respectively, the report said. But China will experience the opposite trend, the firm said, with research showing that 15 percent of an estimated 300 luxury store openings worldwide this year took place in the Asian giant. "Aspirational luxury shoppers in Asia and other emerging markets are fuelling sales growth in 2009," Claudia D'Arpizio, a Milan-based partner at Bain, was quoted as saying in the study. "They remain bullish on brands," she said. The report added sales growth in China along with South and Central Asia "may cause Asia to overtake Europe and the Americas as the largest global luxury market region." According to the state-run Beijing News, China has already overtaken the United States as the world's second largest consumer of luxury goods after Japan. China is forecast to become the world's top buyer of luxury goods by 2015, consulting firm PricewaterhouseCoopers has said in research published on its website. Recommend Send IM Story Print Related Articles Azerbaijan boosts oil output in Jan-Sept by 8.5 pct Reuters - Thursday, October 22 Ukraine 3G auction at risk after spectrum decree Reuters - Thursday, October 22 First Gulf Bank Q3 up 9 pct on core activities Reuters - Thursday, October 22 Jaguar Financial opposes Canadian Royalties deal Reuters - Thursday, October 22 Colombia Ecopetrol says Q3 earns tumble nearly 70 pct Reuters - Thursday, October 22 News Search Top Stories British airport operator sells London airport Deutsche Bank posts three-fold profit rise Asia demand for ivory, sharks' fins set for scrutiny US rescue averted meltdown, but problems remain: report Rights group in hot water over Israel criticism More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Balloon boy parents ready to surrender to police: lawyer Australian burglar betrayed by leech IBM executive in insider trading case placed on leave Data confirms 'modest' AIDS vaccine breakthrough Euro chiefs express 'worries' over US, China export squeeze More Most Viewed » Oldest hominid skeleton sheds light on human origins Boyzone singer Gately dies in Spain More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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