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The global economy is still teetering, but most economists believe the the worst is beyond us.

With an uncertain global economy ahead of us, what are the next steps that need to be taken for the luxury market to regain its top billing? Oddly, it may be China.

Many business executives from around the world are looking to China, and more specifically towards the Chinese consumer to give that needed boost and raise the global economy out of recession.

Research firm McKinsey & Co released a study that states by 2015, China will become the world’s fourth-largest population of wealthy households, with an estimated number of 4.4 million.

Now it’s quite possible that China could become world’s biggest luxury market for goods. It seems that wealthy Chinese citizens overall appear to be younger than their counterparts in the West.

Most wealthy Chinese indicate that the Internet weighs heavily on their purchasing decisions, giving Western companies an inroad with this increasingly affluent group.

A joint study (2009 China Luxury Forecast) was performed by Ruder Finn Asia and Albatross Global Solutions It may be a bit surprising that more than half of wealthy Chinese state the current world recession really isn’t impacting their purchasing decisions.

The research study also stated that luxury brands Louis Vuitton and Cartier were two of the most preferred brands among Chinese luxury consumers.

Another important fact is the prevalent use of the Internet by the affluent Chinese. Almost 90% of those talked to use the Internet (Over 310 million people in China have the Internet) to improve their knowledge of luxury brands and products.

This data definitely proves that luxury companies have a lot of work to due to correctly evaluate and attack the Chinese market. But the rewards could become very, very lucrative for those who succeed.

With a rising number of millionaires and a growing middle class, China is poised to become the second biggest consumer of luxury goods by 2015.

The key for international companies to introduce their luxury products in China and compete against native companies will be the brands that clearly understand China’s consumer needs.

The quickly evolving Chinese society is directly effecting what consumers buy. For example, the fashion industry in China is changing rapidly, as Chinese consumers want to make purchases that reflect their newfound success and social status.

To deal with this trend, several foreign fashion brands have actually moved their production to China, resulting in China becoming an integral part of the high-end fashion industry in all aspects.

Coach Inc., which offers desirable luxury handbags and accessories, has ambitious plans for its line in China. But they understand the need to know the consumer.

In addition, luxury car manufacturers are gaining traction in China’s new economy. According to a study by BMW Group, “Only 3.7 percent of the Chinese population, i.e. around 50 million people, earned enough money to buy a car in 2002. By 2010 this figure should increase to 13 percent.”

As China continues to build dominance as both a manufacturer and a consumer of luxury goods, companies that understand both sides of the market have a higher chance to succeed and grow market share.

To conclude, in terms of growth opportunities for luxury brands, it has only just begun.