Beijing played host to the the “World’s Top 100 Most Valuable Luxury Brands Official Release”, also known as the “Luxury Oscar Awards.” The event brings together the Top 100 luxury brands in a variety fields such as: aircraft, yachts, cars, jewelry, watches, fashion, liquor, cosmetics, resorts and innovation brands. The World Luxury Association’s official report on 2012 shows that China has become one of the world’s largest consumer of luxury goods. The report predicts that the with the depreciation of the Euro and the number of Chinese tourists who reach Europe in 2012, the amount that Chinese residents spend on luxury goods could surmount to be 59 billion Euros. The spending power of Chinese residents overseas will cause China to become the world’s most powerful luxury consumer purchasing company.
Source: Market Watch