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Chinese shoppers overtake US as top luxury buyers

By Juwai, 13 December 2012
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Chinese consumers are now the world's largest purchasers of luxury goods, accounting for 25% of luxury sales worldwide. 

According to a report by consultancy firm Bain & Co. China has overtaken the US as the largest purchaser of luxury goods, with US consumers accounting for 20% of purchases and Japanese 14%.

The data reports that Chinese shoppers spend over 60% of their total outlay overseas, especially in Europe. Still, domestic luxury sales is estimated to be worth 106 billian yuan (US$17 billion) in 2011.

Read the full story on Bloomberg News.