Chinese tourists in front of a Prada store in Hong Kong during China's week-long National Day holiday, Oct. 3. (Photo/CNS)
People from China spent US$102 billion on luxury products in 2013, accounting for 47% of the total estimated sales of luxury goods throughout the year around the world, according to a survey released by the Fortune Character Institute, a part of the Fortune Character media group in Shanghai on Thursday.
The survey showed that the global luxury market is projected to set a new record of US$217 billion for 2013.
Of the US$102 billion, purchases made in China rose by 3% to US$28 billion, while the overseas consumption contributed by Chinese nationals reached US$74 billion, according to a report by the institute.
Even though the worldwide luxury market faced a certain amount of pressure in 2013, the growth rate is still expected to reach 11%.
According to statistics compiled by the China Council of the Promotion of International Trade, of all the luxury goods purchased by Chinese nationals, overseas purchases comprised 57%, with New York City, Paris, Tokyo and Rome as the most popular destinations, followed by 23% of purchases through a foreign shopping service.
Another 20% of luxury consumption was seen in physical stores in China.
The items purchased included clothes, shoes, bags, jewelry and watches.
With Chinese citizens' growing spending power and interest in luxury goods, many Chinese entrepreneurs plan to invest in or acquire foreign luxury brands.
Zhou Ting, head of the Fortune Character Institute, said the increase in Chinese overseas purchases for luxury items can mainly be attributed to the fact that better quality products that are less likely to be counterfeited have been seen in stores abroad.
Chinese consumers are forced to shop in foreign countries because of concerns over quality, safety and the price of goods, reported the state-owned China News Service.
Zhou Ting 周婷