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
http://economy.gmw.cn/2013-11/15/content_9495500.htm

According to a report from Di Xing Tong, China’s largest cell phone chain store, since the iPhone 5S and 5C were introduced in China on September 20, the ratio of iPhone 5S and iPhone 5C phones purchases in China has been 3.68:1 compared to 2:23:1, which is the ratio in the overseas markets. The report indicated that the reason Chinese consumers favored the 5S over the 5C, even though their quality is comparable, is that the 5S is considered to be more upscale. They are therefore less likely to be attracted to the cheaper version of the iPhone5C.

Source: Guangming Daily, November 15, 2013
http://it.gmw.cn/2013-11/15/content_9495124.htm