Largest luxury market

Chinese consumption of luxury goods is expected to reach $14.6 billion in five yeas, making China the largest luxury market in the world, national media reported Monday.

People's Daily Online, the website of the country's largest newspaper, reported that, to date, luxury goods consumption in the country has grown to $9.4 billion from $8.6 billion in January, representing 27.5 percent of the world's total, citing figures from the World Luxury Association.