If you think China is still a developing country, this piece of news is going to surprise you. China has overtaken the US to become the world’s second largest luxury market.

In 2008, China’s super-rich bought a quarter of the world’s luxury goods.

According to the World Luxury Association, affluent Chinese lavished US$ 8.6 billion on luxury goods last year.

Ouyang Kun, China Chief Representative of the WLA, said, “If you take into account the luxury goods that Chinese tourists buy overseas, the total spending would be even larger.

Chinese people have spent 25 percent more on luxury goods every year so far.”

It’s estimated that if China continue to grow at a similar pace, the nation will surpass Japan as the world’s largest luxury goods market within five years upping its spending to a staggering bill of US$ 14 billion every year.

Source: CCTV - Photos: Getty Image / Business Week