Chinanews, Hong Kong, September 6 – MasterCard Worldwide released a report on luxuries market on September 4, 2007, saying that by 2016, young wealthy Chinese might spend $24.6 billion on luxuries, while elder wealthy Chinese might spend $18 billion.Young moneybags in China are usually better educated and have a more open attitude toward consumption than elder ones. Thus they are more willing to spend money.The demand for luxury goods in the entire Asian-Pacific region will grow by 12% every year, and the market for elder people might even witness a 3-digit growth.Most wealthy Chinese are more prone to spend money on luxury items than on luxury service.