Global economic woes put China near top in luxury market

China is set to become the world’s second biggest market for luxury goods after the United States in five years, overtaking France, Britain, Italy and Japan, an industry report said on Tuesday.

Developed countries still dominate the personal luxury market but economic woes are reducing demand while rising middle classes in emerging economies take up the slack, consumer research group Euromonitor said.

via Business feed http://www.scmp.com/business/china-business/article/1056939/global-economic-woes-put-china-near-top-luxury-market