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(Chinanews.cn)
Updated: 2007-09-07 15:04

MasterCard Worldwide released a report on the luxuries market on September 4, 2007, saying that by 2016, young wealthy Chinese might spend US$24.6 billion on luxuries, while elder wealthy Chinese might spend US$18 billion.

Young moneybags in China are usually better educated and have a more open attitude toward consumption than elder ones, thus they are more willing to spend money.

The demand for luxury goods in the entire Asian-Pacific region will grow by 12% every year, and the market for elder people might even witness a 3-digit growth.

Most wealthy Chinese are more prone to spend money on luxury items than on luxury service.