Chinese bought nearly half of global luxury goods in 2014

February 02, 2015 09:36
Nearly eight in 10 of luxury purchases by Chinese consumers were made overseas. Photo: Bloomberg

Chinese purchases of luxury goods accounted for 46 percent of global sales in 2014, with 76 percent of the items bought overseas.

Luxury purchases by Chinese consumers were up 4 percent from the previous year. Global luxury sales were US$232 billion, state news agency Xinhua reported Monday, citing figures from the Fortune Character Institute (FCI).

At home, Chinese consumers spent US$25 billion on luxury goods, down 11 percent year on year. The figure compares with US$81 billion in purchases made overseas, up 9 percent from the previous year.

FCI director Zhou Ting said the figures confirm that a growing number of Chinese consumers are making luxury purchases abroad.

The increase was attributed to strong growth in outbound tourism and the price gap between luxury goods bought in China and those purchased overseas.

Also, fake luxury goods have been flooding the domestic market, scaring away consumers, the report said.

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