Spending on luxuries up

Sales of luxury goods are expected to rise between 9% and 11% this year. Some estimates say growth may slow to about 3-5% in 2011.
But in China, sales are forecast to grow 30% this year, placing the country on track to become the third largest luxury market in five years. 
Bain & Co. partner and luxury goods expert Claudia D’Arpizio, in announcing Bain’s annual review of the sector, said, "The big surprise of the last few years are the Chinese. . . . Now they are very visible in Europe and also the United States. They are traveling all over the world."
WAToday reports that Chinese tourists have extended their spending-fueled travels beyond Asia, resulting in increased luxury goods sales in airports and airlines.
According to D’Arpizio, this increase reflected a strong impact from "new" Chinese tourists.