By 2014 24% of global spending on luxury items to come from Chinese

In 2004 Chinese consumers accounted for 11% of the worldwide revenues of luxury-goods firms, with most of their buying done outside mainland China. Merrill Lynch forecasts that by 2014, they will have overtaken both American and Japanese consumers, becoming the world's leading luxury shoppers, yielding 24% of global revenues.

In 2004 Chinese consumers accounted for 11% of the worldwide revenues of luxury-goods firms, with most of their buying done outside mainland China. Merrill Lynch forecasts that by 2014, they will have overtaken both American and Japanese consumers, becoming the world's leading luxury shoppers, yielding 24% of global revenues.

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