According to a recent study conducted by the global consulting firm, Bain & Co., there is an unprecedented hike in “luxury sales” in Asia and predominantly, China. It is further envisioned that the trend would continue and luxury-products sales in the country could escalate to 12% this year.

Where it is prophesied that globally the sales of high-end affluent products are expected to drop eight percent across the board in 2009 to 153 Billion Euros (229 Billion Dollars), according to Bain & Co., China is expected to follow a contrary trend altogether. According to another research by the firm, out of an estimated 300 high-end luxury stores inaugurated worldwide this year, close to 15 percent took place in China itself. It might also indicate a shift of balance : in terms of wealth & economic power from U.S. to Asian players like China, India other developing nations.

The Asian Giant has already displaced United States as the world's second largest consumer of luxury goods after Japan & the affluent Dragon is expected to remain bullish on the leisure brands. It is anticipated that the precursor would become world's top buyer in the luxury goods segment by 2015, according to another research by PriceWaterhouse Coopers.

Some might still argue that it could be a mortal phase, but as for now, the opulent “Dragon” is looking to walk through the luxurious red carpet with great confidence.