A new report has suggested that the popularity of jewellery in China has played a major role in the increase in consumer spending in the country during 2008.

The HSBC-commissioned report, entitled 'China Economic Spotlight', found that year-on-year spending between January and August has risen by 20 per cent.

With the possibility that the figure could increase further towards the end of the year, the report pinpointed the considerable contribution of jewellery and other luxury goods.

The trend can be explained by the rising disposable income of urban and rural residents alike in the past three years, despite the recent challenges of a slowing economy, the cancellation of the May Day Golden Week and the tragic Sichuan earthquake.

While the report also noted the increased expenditure on accommodation and catering, it cited the rise in recreational goods sales such as jewellery as the main area Chinese people are spending their extra money.



Source:

Jewellery benefits from strong Chinese spending (11/09/08)
http://www.jewellerynetasia.com/industry/newsdetails.aspx?lang=0&vortalid=1&newsidinvortal=8858&ct=&cn=NewsAll&m=09&y=2008&ch=0