Chinese buyers are responsible for 46 per cent of the global consumption of luxury goods, according to the Fortune Character Research Institute.
Total Chinese luxury goods consumption in 2014 was US$106 billion, up 4 per cent from the year before. However, consumption in Chinese domestic market declined 11 per cent to US$25 billion.
On the other hand, Chinese tourists spent a record US$81 billion outside of China. Between 2010 and 2014, the number of Chinese tourists going abroad more than doubled from 53 million to 117 million within four years.
Chinese tourists are mostly buying luxury goods abroad due to price disparities.
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Article: China Spectator
- Rich Chinese spending less at home, more in Europe @ CNBC (2015-02)
- Chinese consumers buy more luxuries overseas @ China Daily (2015-02)