New Year luxury spending overseas hits $7.2b

Updated: 2012-02-02 12:55


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Chinese had the biggest share of overseas luxury market around the Chinese New Year, with total spending of $7.2 billion, according to a World Luxury Association report cited by the Beijing News on Thursday.

Chinese spent the record $7.2 billion overseas for luxuries around the New Year, up 28.57 percentage points from the previous year's $5.6 billion, triggering the most powerful engine of luxury purchasing, the report said, based on statistics collected from Jan 1 to Feb 1.

The report said Chinese buying takes up 62 percent of the European luxury market, one-third of the North American market and 69 percent of the luxury consumption in Hong Kong, Macao and Taiwan, citing the tax-free policy and abundant goods as reasons.

Seventy-two percent of the sampled Chinese think that luxury goods overseas are cheaper than at home, 69 percent of whom go for the wider choices for luxuries, and 45 percent said they enjoy the service overseas.

The report also said the consumption is mainly on luxury watches, leather bags, designer clothes and perfumes, and cosmetics.