A market survey released by US consulting firm Bain and Company showed Chinese mainland sales of luxury goods in 2010 increased 23% compared to 2009.

Wall Street banker Goldman Sachs was equally as upbeat on 2010 luxury sales, which it estimated at $6.5 billion, putting China on top of the world for major brand sales, after three consecutive years of double digit growth.

The study by Bain and Company shows compound growth rate of individual categories in China's luxury goods market reached double digit in 2010. Watches registered the fastest growth, with sales soaring 35% last year.

This was closely followed by leather handbags and other leathergoods, with sales hitting growth rates of 25%, year-on-year.

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