Luxury goods demand may peak by 2015
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At the end of 2008, China boasted 417,000 households each with a net worth of more than $1 million in assets under management, according to research by Boston Consulting and leading Chinese banks.
Boston Consulting also pointed out that this category is expanding quickly and is expected to top 609,000 households by the end of 2011.
Although still small in relation to the overall population of China, the nation's high-net-worth category is larger than that of many affluent countries such as France and the United Kingdom.
The majority of China's luxury store locations roughly mirrors the distribution of wealth in China, and are concentrated along the coast with Shanghai, as well as Guangdong and Shandong provinces boasting the highest number of wealthy households.
However, as wealth spreads from the large coastal cities to smaller cities inland, luxury goods retailers have followed in a land rush for key locations in some second-tier cities such as Harbin and Shenyang.
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