Young Chinese to drive luxury demand

Young, well-off Chinese are expected to consume more than US$26.4 billion worth of luxury consumer goods by 2016, according to a recent MasterCard Worldwide luxury product marketing report released in Hong Kong, Xinhua reported (in Chinese). China will continue to lead worldwide demand of consumption of luxury goods and services, said the report. Luxury consumption will be driven mainly by the generation of wealthy Chinese born after the Cultural Revolution, who save less of their income than older generations as they have been less affected by the large-scale social and economic transformations China has undergone, according to the report.