The Global Times publishes extracts of a report by South Korea's Herald Economics in Chinese, saying that Ernst & Young, one of the largest accountants in the world, believes China to be the second largest luxuries consumer in the world, second only to the US by 2015.

Ernst & Young's report, the New Lap of Luxury released on Sept.15, also predicts that luxuries consumption in China would grow by 20 percent annually between 2005 to 2008 and reach ten billion USD in 2015, nearly one-third of the world's total luxuries consumption.

It is estimated that Chinese consumers are spending 2 billion USD on luxuries now which is 12 percent of the world's total.

Walking along high-market department stores and streets in China, you feel the luxuries consumption spree easily. Shopping centers in big cosmopolitans like Beijing and Shanghai offer world's top brands.

The country's fast growing economy has created expanding rich population. That is the most important reason for the surging luxuries consumption.

It also has something to do with the overseas trips. In recent years the Chinese government has made overseas travels easier. In 2004 Chinese travelers made 20 million visits to overseas destinations. And Ernst & Young sets the figure up to 100 million in 2015 in its report.

Meanwhile, the luxuries consumption has been boosted by Chinese consumers' preference for famous brands. A survey by China Association of Branding Strategy shows that more than 100 million Chinese consumers buy name brands regularly. The affluent population between 20 to 40 years old is the main part and most of them are entrepreneurs and professionals in foreign-funded businesses in Beijing, Shanghai, Dalian and other coastal cities in the east.

A Shanghai media made a survey recently in which 68.8 percent of the more than 1,000 netizens responding to the survey said they liked buying famous brands products and 56.7 percent said they would set money aside for name brands.

The world's top brands makers have seen opportunities brought about by the sharp expansion of China's name brand market and are speeding up their pace into the market.

By People's Daily