HONG KONG (AdAgeChina.com) -- Sales of luxury goods grew 12% in 2009, to $9.6 billion, accounting for 27.5% of the global market, according to Bain & Co. In the next five years, China's luxury spending will increase to $14.6 billion, making it the No. 1 luxury market globally. In 2009, China overtook the U.S. to become the world's second-largest luxury-goods market, behind Japan. Roughly half of the luxury goods purchased in China are bought as gifts.
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