China is well on it's way to reaching it's target in increasing luxury goods spending which is set at $120 billion.
Tourists are the main drivers behind the purchasing of luxury goods for the Asian powerhouse, with 77% of locals opting to buy outside the country.
The primary spenders on luxury goods are still tourists... If you go to the likes of London, Paris, Singapore, Hong Kong and New York.— Dr Martyn Davies, Emerging Markets & Africa Deloitte & Touche
702's John Robbie spoke to managing director of emerging markets and Africa, Dr Martyn Davies.
He said that China remains the most powerful country in the BRICS (Brazil, Russia, India, China and South Africa) group, especially with a dip in global commodity prices.
Listen to the interview below: