Business / Industries

76 percent of China's luxury consumption happens overseas: report

(Xinhua) Updated: 2015-02-02 09:24

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.

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