The might of Chinese consumerism continues onwards. According to a report from Xinhua News Agency, China is expected to be the largest consumer of luxury goods in the world by the end of 2011.
The British luxury brand Burberry has opened 57 stores in China, and that number will grow to 100 over three to four years, Burberry CEO Angela Ahrendts told Xinhua.
China consumed $9.4 billion worth of luxury goods in 2010, surpassing the United States as the second largest in the world, according to the “2010 Business Blue Paper” published by the Chinese Academy of Social Sciences.
Japan was the largest consumer that year.