The Harvard Business Review (HBR) says that China will surpass the US as the second largest market by 2015, accounting for USD87 billion (23 percent) of an USD379b personal luxury market, and that by 2020, it will have a 40-percent share of the pie. Analysts insist that this rise upward will be driven by "the growing number of middle-class and affluent city dwellers" looking to "trade up" into a luxurious lifestyle focused on individuality, and possibly improving upon the so-called American Dream in the process.
With the burgeoning of all sorts of luxury brands in the country, the Chinese are becoming more impatient with their purchasing. They are embracing the "now" mentality so popular in the US by opening up credit cards. HBR reports that in 2005, fewer than 50 million credit cards were issued. By 2010, the number had risen to 221 million. By 2020, credit card companies will be looking to triple even this number.
(Source: red luxury)