The Chinese bought 46 percent of the world’s luxury goods in 2015, and 78 percent of them were acquired overseas, according to a report by luxury product consulting firm Fortune Character, state-owned Global Times newspaper reported Monday.
The study – based on revenues of over 20,000 brands – says Chinese people spent $116.8 billion on luxury products last year, representing an increase of 9.25 percent from the $106 billion in 2014.
Around $91 billion (78 percent of the total) of the entire luxury product spending by the Chinese took place overseas, which confirms that Chinese tourists are the ones who spend the most abroad.
The report claims the Chinese prefer buying luxury products overseas as they are cheaper; for example, premium alcohol and wristwatches could be around 80 percent cheaper outside China, according to Fortune Character.
Purchase of luxury products overseas by the Chinese increased 12.35 percent, while the same within the country increased 3.2 percent with respect to 2014.
The data, presented by Fortune Character, however, contrasts with that of other consulting firms, including Bain&Company, which recently published a market study on
China which showed a two percent decline in luxury product sales in 2015 as compared to the previous year.
Bain&Company attributed this drop, which continues along the descending trend that began in 2013, to the slowdown in the Chinese economy, the anti-corruption crackdown by President Xi Jinping and the increase in overseas purchases.