From Dec 1,2007,to the end of January 2009, China consumed US$8.6 billion in luxury goods,surpassing the US last year to become the second largest luxury goods market in the world behind Japan, according to the US-based World Luxury Association (WLA).China is expected to become the world’s largest luxury market in the next five to seven years says a new report by the Boston Consulting Group(BCG). From Dec 1,2007, to the end of January 2009, China consumed US $ 8.6 billion in luxury goods, surpassing the US last year to become the second largest luxury goods market in the world behind Japan, according to the US-based World Luxury Association (WLA) .China is expected to become the world’s largest luxury market in the next five to seven years says a new report by the Boston Consulting Group (BCG).