Luxury market to shine on booming demand from consumers

The luxury sector is poised to shine brighter this year as a strong performance in the Asia-Pacific region — led by the Chinese mainland and neighboring markets where first- and second-quarter sales surged — promises to propel the sector's global growth to 5 percent to 12 percent, according to recent industry studies and company performance reports.

China's wealthiest continue to drive luxury's revival as two-thirds of the consumers surveyed by Vogue Business and Barclays Research reported spending over 15,000 yuan ($2,075) on luxury fashion products, including clothing, footwear and jewelry, in the second quarter.

This exceeded expectations cited in the previous edition of the joint report.