76 percent of China's luxury consumption happens overseas: report
Updated: 2015-02-02 09:24
(Xinhua)
|
|||||||||||
HAIKOU - Chinese consumers purchase 76 percent of their luxury goods while overseas, a report published on Saturday said.
Chinese people's domestic consumption of luxury goods was $25 billion in 2014, down by 11 percent from the previous year, while their luxury consumption in overseas market grew by more than 9 percent annually to $81 billion last year, said a report issued by the Fortune Character Institute, an organization specializing in lifestyle studies of the rich in China.
The figure showed 76 percent of Chinese consumers' luxury consumption occurred overseas last year, meaning China is facing an outflow of luxury consumption, Zhou Ting, dean of the institute, said.
The overall consumption of luxury goods by Chinese consumers registered an annual growth of 4 percent, growing to $106 billion last year.
China remained the top buyer of luxury goods last year, with the Chinese consumers' purchasing making up 46 percent of global luxury sales, the report said.
Related Stories
Luxury goods firms feel pinch of austerity push 2014-10-16 06:49
First luxury item authentication class starts in Beijing 2014-09-09 16:36
'Self-reward' may explain luxury purchases in China 2014-04-01 15:44
Chinese luxury shoppers flocking online: survey 2014-02-26 11:30
Swiss watch exports to China recover 2014-02-07 11:10
Better to give? Not if you're China's wealthiest 2014-01-17 13:12
Today's Top News
EU prolongs sanctions against Russia
Italy's presidential election begins
China's port project in Greece not affected
Royal Mail Chairman to step down
Trial finds GSK Ebola shot safe, with immune response
Russian Delegation stripped of voting rights at PACE
China and Greece 'willing to continue cooperation'
China hails German leaders' call to remember history
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Conca set to return to China |
CES: Spotlight on Chinese gadgets |
Yearender: What happened around the globe in 2014 |
National Memorial Day for Nanjing Massacre victims |
Corrupt female officials spark debate |
Blue skies ready to greet APEC |