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Not for luxury brands
That's a fifth of the worldwide total.
NEW YORK (CNNMoney) China's broader economy may be losing momentum, but its big spenders aren't letting anything get in the way of their love affair with Louis Vuitton, Chanel and Gucci.
China is on pace to top Japan as the world's largest market for luxury goods, according to McKinsey Co., which estimates sales will surge 18% annually to hit $27 billion by 2015. That's a fifth of the worldwide total and up from just $10 billion in 2009.
In addition to fashion and jewelry brands, luxury car manufacturers are also luring in Chinese customers.
Sales of Tata Motors' (
Sales of Daimlerowned MercedesBenz, Volkswagen's Audi, and BMW vehicles also continue to grow at a redhot pace. automakers Ford (Fortune 500) and General Motors (Fortune 500) are also continuing to successfully grow in the world's secondlargest economy.
GM sold a record number of vehicles in China during the first quarter, up more than 10% from a year ago.
While Ford's firstquarter sales declined in China, the company recently announced that it is investing $600 million in one of its Chinese manufacturing facilities to meet growing demand.
As China's economy continues to grow and create more wealth, average household spending is likely to follow, a healthy signal for Western brands. And the outlook is particularly bright for luxury companies,[url=http://www.sport.fr/smartphones/moncler.asp]moncler homme[/url], since the biggest increase in spending is forecast to come from the most affluent consumers.
Consumers who spent $2,000 and $4,000 on discretionary items in 2010 are expected to raise that to $3,000 and $6,000, respectively, by 2020, according to McKinsey. And consumers who allocated $12,000 toward discretionary spending in 2010 are forecast to almost double that figure by 2020.
First Published: April 24, 2012: 5:03 AM ET
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