Posted On 2015/02/04 By In Behavior, News, Face, Fashion, Luxury, Shopping With 629 Views

China buys up half the World’s Luxury Goods

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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Sources:

Article: China Spectator


Further Reading:

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. Learn more in our Global Ready China Seminars Sources: Article: China Spectator Further Reading: Rich Chinese spending less at home, more in Europe @ CNBC (2015-02) Chinese consumers buy more luxuries overseas @ China Daily (2015-02)

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About

Stefan

Stefan (from Austria, Europe) has been living, studying and working in China since 2010. Stefan has worked on several research, publication and consulting projects focusing on the China Travel Market. He holds three Masters degrees and is an expert on China Outbound Tourism, Marketing and Social Media in China. Stefan works with BMG on the Global Ready China Seminars as well as the Global Ready China News and related projects. He also has teaching engagements in the areas of eMarketing and Tourism Strategy.

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