Chinese consumers lap up luxury goods

07 Feb '12

2 min read

Chinese consumers put a stamp on their buying power for luxury goods during the Chinese Spring Festival which concluded recently.

Data released by the World Luxury Association reveals that Chinese people's overseas spending on luxury goods totaled US $7.2 billion during Chinese Spring Festival, up 28.57 percent from a year earlier.

This is also higher than the $5.7 billion expected before the Spring Festival, creating a record high.

During the Spring Festivals of 2011 and 2010, Chinese people spent $5.6 billion and $4.9 billion respectively, on luxury goods outside China.

The Association believes that Chinese people have become one of the consumer groups that have the strongest overseas purchasing power on luxury goods during holidays.

During the Dragon Spring Festival, total sales of European luxury goods increased by 12 percent compared with 2011 Spring Festival.

During the festival period, Chinese consumers accounted for 62 percent of the total sales of European luxury market.

In North American market, Chinese spending on luxury goods accounted for nearly 33 percent.

In Hong Kong, Macao and Taiwan markets, the consumption share of Chinese consumers on luxury goods was even larger at 69 percent.

The Association monitored luxury consumption in China from January 1 to February 1, 2012 and found that total luxury consumption in China reached US $1.75 billion, mainly concentrated in Beijing and Shanghai.

Of the $7.2 billion spent on luxury goods outside China, 46 percent of this was spent in Europe, 19 percent in North America and 35 percent in Hong Kong, Macao and Taiwan.

The Chinese consumers mainly bought clothing, fashion goods, watches, leather goods and cosmetics and perfumes.

Fibre2fashion News Desk - China

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