China’s Luxury Imports Rise 27% This Year
The rich in China have been shopping.
From January to July, the imports of luxury consumer goods jumped 27.6% to reach $4.85 billion.
More than 117,000 luxury vehicles (engine size greater than 2.5 liters) were purchased.
Cigarettes, alcohol, golf balls and clubs were up.
China also imported 44 yachts in the first seven months of this year.
Foreign-funded trading companies have imported $3.35 billion, almost 70% of China's total value of luxury imports.
State owned companies and private firms saw imports drop, 18.8& and 29.4% respectively.
China is the world's third largest consumer of luxury goods taking up 12% of the world's total.
The rich of China aim to be the biggest buyers of luxury items within the next 10 years.
If you were rich…what would be the first luxury item you would buy?
Leave a comment!