Super-rich have craze for luxuries

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China's super-rich bought 27.5 percent of the world's luxury goods last year, it said.

"China will become the largest consumer of luxury goods in the world sooner or later. It's just a matter of time," Meng said.

The booming luxury goods market in China reflects the rise of a newly rich generation, said Ouyang Kun from the World Luxury Association.

China has 825,000 individuals worth more than 10 million yuan and 51,000 individuals with more than 100 million yuan, according to Hurun, a research company that has tracked China's rich and famous for 11 years. The company found 57 percent of these multi-millionaires spend between 1 million and 3 million yuan a year, and another 18 percent spend more than 3 million yuan a year - and their biggest expenditure is luxury goods.

According to Meng, most luxury goods they buy are gifts.

A rich 45-year-old businessman from Ningbo, Zhejiang province, who declined to reveal his name, said he buys small items like scarves and purses of famous brands, "with price tags intact" for business partners.


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