Feb 15, 2016
Chinese account for 46% of global luxury sales in 2015
Feb 15, 2016
Chinese shoppers accounted for 46% of all global luxury sales in 2015, with 78% of the goods purchased overseas, according to a market report by consulting firm Fortune Character published on Monday by Global Times.
The study, based on data from 200,000 luxury brands, found that Chinese consumers spent $116.8 billion in luxury goods in 2015, which represents a 9.25% growth from $106 billion the prior year.
$91 billion (78% of the total) were spent outside of China, proving that Chinese tourists prefer to buy luxury items abroad. This is done to avoid paying higher prices, according to the report. A high-end watch can be up to 80% cheaper abroad, says Fortune Character.
Luxury purchases outside of China were up 12.35% last year, while mainland China saw a growth of 3.2% on the previous year to $25.8 billion.
Last year’s results were affected by the anti-corruption campaign led by Chinese president Xi Jinping, which banned officials and civil servants from wearing high-end accessories and clothing, or drink upscale liquor while on duty.
Meanwhile, a report by consulting firm Bain&Company revealed a 2% decline in luxury sales in 2015, compared to 2014.
Bain&Co attributed the declining trend, which started in 2013, to China’s economic slowdown, its anti-corruption reforms and the rise of overseas luxury buying.
© EFE 2023. Está expresamente prohibida la redistribución y la redifusión de todo o parte de los contenidos de los servicios de Efe, sin previo y expreso consentimiento de la Agencia EFE S.A.