China's sales of luxuries will grow by 10 to 20 per cent annually in the coming years, and China will become the second largest luxury consumer in the world in 2015, predicted a research report released by Ernst & Young (E&Y), one of the world's four largest accounting firms, in Shanghai on September 13.

Currently, the sales volume on China's luxury market is about 2 billion US dollars. According to the report, the annual growth rate of the luxuries market in China will reach 20 per cent from now on to 2008. Then the growth is expected to slow down to about 10 per cent annually between 2008 and 2015.

��By 2015, China will replace the United States to become the second largest luxury consumer in the world'', said Conway Lee, director and partner of E&Y China retail consumable industry. By then, the annual sales on the Chinese market will exceed 11.5 billion USD, accounting for some 29 per cent of the world's total, only next to Japan.

By People's Daily Online