Much has changed since our previous report on China’s luxury market in 2008 and we face a markedly different global economic landscape. As in many other aspects of the global economic crisis, China is bucking a global trend in luxury consumption: with sales falling by up to 8 percent across the globe in 2009, China saw estimated sales growth of 12 percent.1 By some measures, China is now the second largest luxury market in the world, after Japan.