The numbers are in, and Chinese buyers have now taken the lead as the largest consumers of luxury brands. It’s no secret that China has leapfrogged over Japan and the U.S. and emerged as one of the top buying powers. With domestic luxury sales worth around $17 billion, many luxury fashion houses have taken notice prompting big moves into the Asian market. According to consulting firm Bain & Co., Chinese consumers account for 25% of the global market compared to U.S. around 20% and Japan coming a distant third.

[via bloomberg]