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Chinese shoppers power global luxury sales
Chinese consumers are responsible for 25% of global luxury purchases.
Chinese shoppers are growing an increasing demand for luxury items. In a report released by Bain & Company, the markets for luxury clothing, cosmetics, accessories, and jewelry grew by 10% in this past year from €192 billion to €212 billion (US$274 billion). This growth marks the third straight year of double-digit growth following the 2008 recession.
The reports estimates that in the last quarter of 2012 alone, Chinese spending will increase by an additional 7% due to higher demand for items for the upcoming Christmas holiday.
Read more from this story on The Associated Press.
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