Luxury goods prices rise 7.73 pct in China

HONG KONG, Aug. 3 (Yonhap) -- Prices of luxury goods in China rose nearly 8 percent on-year in the first half as makers seized on growing demand for premium brands in the fast-growing economy, a report showed Wednesday.
As of the end of June, the average price of luxury brands was up 7.73 percent from a year earlier, according to the report by Hurun Report Inc., which regularly tracks China's wealthy population.
The growth rate was 1.3 percentage points higher than the 6.4 percent gain in China's consumer prices in June.
According to the report, jet and yacht prices surged 21 percent on-year, and prices of cosmetics and accessories climbed 16.7 percent.
The British yacht brand Sunseeker sold its Manhattan 73 model for 31.4 million yuan (US$4.87 million) after taxes, freight and all options, up 24.6 percent from a year earlier.
Luxury alcohol and tobacco prices rose 9.2 percent over the cited period. A bottle of 30-year-old vintage Moutai, a Chinese liquor, now costs 20,580 yuan, up 60.8 percent, while Bordeaux wines, with a case of six bottles of Chateau Lafite 1982 rising 29.3 percent to 445,186 yuan, the report showed.
China is widely expected to become the world's biggest consumer of luxury brands in the coming decade. The Boston Consulting Group said earlier that China will become the world's largest luxury goods market by 2015, accounting for 29 percent of global luxury spending.