China's 2009 luxury consumption to exceed $5 billion

Sales of luxury goods in China will reach $5 billion in 2009, according to a report released recently by investment banking firm Goldman Sachs. That is a striking increase from 2008, when the total was $3 billion, Chinanews.com reported.

The luxury market in China is still expanding despite a decrease in overall global demand as a result of the global economic crisis, the report said.

China's current luxury consumption accounts for 25 percent of global luxury consumption, the report noted. That means China has likely passed the United States to become the world's second largest consumer of luxury goods after Japan

With the market expanding in China, more and more occidental companies tried to extend their business realm to the Pacific rim. In order to build up consumption channels in China, some knowledge of the Chinese language becomes inevitable to entrepreneurs in today’s world.

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