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Chinese Consumers Account for 47 Percent of the World’s Luxury Goods Market

The China Luxury Goods marketing Research Agency recently issued the "China’s Luxury Goods Consumption Report," which contained information on China’s spending on luxury goods. China has the largest number of luxury goods consumers in the world. These consumers have spent an estimated US$102 trillion on luxury goods in 2013, which accounts for 47 percent of the total worldwide luxury goods market. China’s total luxury goods purchases included domestic as well as foreign purchases. In 2013, China’s domestic luxury goods purchases are expected to show growth of three percent. Chinese tourists also drove the overseas luxury goods spending market. Price differences between the domestic and foreign market and the appreciation of the Chinese yuan are cited as the reasons. Reports indicate that, even though the Chinese people’s luxury goods consumption continues to grow, the rate of increase has slowed down compared to prior years.

Source: Guangming Daily, November 15, 2013