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The Changing Face of China

"Many people might not appreciate it, but luxury retailers sure do. Just five years ago mainland buyers accounted for 1% of global sales of luxury handbags, shoes, jewelry, perfume, and the like.

Today the Chinese are the third-biggest high-end buyers on earth, with more than 12% of world sales, Goldman, Sachs & Co. (GS ) reckons. Within a decade, China will likely leapfrog Japan and the U.S. to become the top luxury market, predicts Goldman analyst Jacques-Franck Dossin. "China is experiencing huge wealth creation, and there is lots of conspicuous consumption related to that," Dossin says. "People want to show they are successful."

The above is from BusinessWeek.

No comment is called for!......Obviously the changing face of China.

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