According to Global Luxury Goods Market Report, Hangzhou will be gradually becoming a "third luxury goods empire" in China with its scale of luxury goods market behind that of Beijing and Shanghai.

The Global Luxury Goods Market Report was issued by Bain & Co, a global management consulting firm.

The Report also forecast that the total consumption volume of the luxury market this year in mainland China is expected to rise from 8.6 billion of last year to 9.6 billion dollars of this year while the total consumption volume of the United States, Japan, Europe, would decrease from the 167 billion euros of last year to 153 billion euros of this year.

Bain & Company is a global business consulting firm with offices in all major cities. The company helps management make the big decisions: on strategy, operations, mergers & acquisitions, technology and organization.

Bain was founded in 1973 on the principle that consultants must measure their success in terms of their clients' financial results.

By David