China is driving the rapid growth of global vanity consumption – money spent on self-indulgence and enhancement of appearance and prestige – according to a Bank of America Merrill Lynch global research report. The investment bank said that the vanity capital market in the Greater China region, which covers the mainland, Hong Kong and Taiwan but not Macao, grew at an annual rate of 15.6% and led the world in the past five years. Consumption on luxury watches, jewelry, haute couture, fine wines, Ivy League education, private jets and cruises are all part of vanity capital, while in the mid-range market, cosmetics, smart phones and health supplements also fall into this category, according to the study. The future growth in the region is likely to continue outpacing other parts of the world through to 2018, with an estimated rate of 8.2% annually. Worldwide spending in the area rose 6% year-on-year to USD4.5 trillion last year, although the global consumption market remained soft amid a sluggish economic recovery, the South China Morning Post reports.