Date
19 October 2017

Chinese buying 47% of luxury goods worldwide, Xinhua says

Chinese people’s consumption of luxury goods may reach US$102 billion this year, accounting for as much as 47 percent of the expected sales of such items worldwide, the official Xinhua news agency reported late Thursday, citing data from luxury goods research institute Fortune Character. Domestic luxury goods consumption is expected to rise 3 percent to US$28 billion from the previous year while overseas purchases of such items by Chinese may surpass US$74 billion, the report said. However, it said data indicated a slower growth of the domestic luxury goods market this year.

– Contact HKEJ at [email protected]

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