China has replaced the US to become the world’s second largest luxury goods consumer, only second to Japan, according to a report by World Luxury Association.

The report also said Chinese people consume about 27.5 percent of the world’s luxury products.

Luxury goods consumers in China are mainly aged between 20 and 40 with a good education.

Their monthly salaries range from 5000 yuan ($732) to 50,000 yuan, which means they spend a large proportion of their income on luxury items.

Many experts predict that China will become the world’s largest luxury consumer by 2015, considering the current rocketing increase rate.

Via China Daily