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6/9/2011 BEIJING - China is expected to replace Japan as the world's top consumer of luxury goods by 2012 due to its growing demand and the declining consumption in Japan, the World Luxury Association (WLA) said Thursday.

The luxury goods sales value in the Chinese market, excluding private jets, yachts and luxury cars, will hit $14.6 billion in 2012,the WLA predicted in a survey released in Beijing.

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