皇冠体育app

Sales of luxury goods in 皇冠体育app will reach $5 billion in 2009, according to a report released yesterday by investment banking firm Goldman Sachs. That is a striking increase from 2008, when the total was $3 billion, 皇冠体育appnews.com reported.

The luxury market in 皇冠体育app is still expanding despite a decrease in overall global demand as a result of the global economic crisis, the report said.

皇冠体育app's current luxury consumption accounts for 25 percent of global luxury consumption, the report noted. That means 皇冠体育app has likely passed the United States to become the world's second largest consumer of luxury goods after Japan.