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China’s rising middle class to keep global luxury goods growing at 10pc

Millions of consumers entering the middle class in China will help to hold the pace of growth in global luxury goods at 10 percent annually for the next four years despite a slowing economy, a well-regarded industry report said on Tuesday.

After an "incredible" 2011 during which the global luxury goods market grew 14 percent, the boom in emerging markets may boost the value of the market to EUR261 billion (USD340b) by 2014, CLSA said in Dipped in Gold, its annual report on the industry.

Jewellery companies enjoyed the strongest sales growth last year, with Hong Kong’s Chow Tai Fook seeing an exuberant 79 percent rise in sales between April and September, compared with the previous year, driven by consumers on China’s mainland, the report found.

(Source: Shanghai Daily )