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Wealthy Chinese shift their luxury buying overseas
According to the World Luxury Association's recent report, Chinese consumers are spending more and more on luxury items abroad.
From 20 January to 20 February, which included Chinese New Year, the peak time for tourism and spending, Chinese spent US$8.5 billion on luxury goods overseas. This number represents an 18% year-on-year rise, as well as about half of the global luxury products' consumption.
It is projected that by 2015, Chinese consumers will make up about a third of the global market for luxury products.
Read more on CNBC.com.
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