{"id":6006,"date":"2010-07-09T02:07:09","date_gmt":"2010-07-09T02:07:09","guid":{"rendered":""},"modified":"2010-07-09T02:07:09","modified_gmt":"2010-07-09T02:07:09","slug":"Young-Chinese-account-for-25-of-luxury-sales","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=6006","title":{"rendered":"Young Chinese account for 25% of luxury sales"},"content":{"rendered":"

Euromonitor has predicted that by 2020 China will be the world’s largest economy and that young Chinese, who already account for 25% of the world’s luxury market, will drive household consumption.<\/strong><\/p>\n

A special report released July 7 by European statistical monitoring site; Euromonitor, predicts the world’s largest economies in 2020.<\/p>\n

By 2020 China is expected to have overtaken the USA as the world’s largest economy <\/strong>with a predicted Gross Domestic Product (GDP) of US $28,124,970 million, the USA will be the second largest, India third and Japan fourth. <\/p>\n

The rising importance of emerging markets such as India and China <\/strong>will have massive implications for global consumption and the environment. By 2020 Euromonitor estimates that the number of people in China with a disposable income above US $ 10,000 (\u20ac7,906 \/67,772 RMB) will have quadrupled to 222 million households. This will drive household consumption as increasing numbers of people will be able to afford items such as luxury goods.<\/p>\n

The report also indicates that young consumers will be the growing force behind household consumption; despite the fact that by 2012 China and India will have the world’s largest population of people <\/strong>aged 65 and over, young consumers make more frequent purchases of large items such as cars, houses and household appliances.<\/p>\n

The luxury market in China already exceeds that of the USA <\/strong>according to statistics released by Chinese newspaper The People’s Daily in 2009. The paper reports that China’s luxury consumption accounts for 25% of the global market, and the World Luxury Association 2009-210 report revealed that Chinese consumers accounted for a quarter of Gucci group’s sales worldwide.<\/p>\n

Other emerging markets such as India <\/strong>are expected to follow a similar pattern of consumer development.<\/p>\n

Euromonitor predicts that the top ten largest economies by 2020 will be:
\n1.China
\n2.USA
\n3.India
\n4.Japan<\/strong>
\n5.Russia
\n6.Germany
\n7.Brazil
\n8.United Kingdom
\n9.France
\n10.Mexico
\n<\/p>\n","protected":false},"excerpt":{"rendered":"

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