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China accounted for 47% of all global luxury goods consumption in 2013

According to a report produced by the Fortune Character Institute, China’s per capita luxury consumption outside of the mainland reached € 1,508 in 2013, making it the world’s highest being 3 to 5 times greater than that of European citizens. Last year, the Chinese bought 47% of all global luxury goods, with an estimated value of approximately US$102 Billion. However only US$ 28 Billion was consumed within Mainland China meaning that 72% of their luxury goods purchases were made overseas.

The top three shopping destinations were Hong Kong and Macau (30%), Europe (22%) and the USA (21%) in which consumption increased 7% compared to 2012, whereas Europe only increased 6%. Due to the higher prices in Mainland China and the increasing number of people traveling to Europe and the USA, luxury consumption in country actually decreased by 2%, and Hong Kong and Macau also decreased by 14%. The report predicted that Chinese would continue to prefer to purchase luxury goods overseas throughout 2014. ….

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