Retail in Asia

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China takes half of global luxury sales

BEIJING: Chinese consumers accounted for almost half of global sales of luxury products in 2015, a new report has claimed.

In total, they spent USD 116.8 billion on such items, according to Fortune Character, a luxury product consulting firm; that amounted to a 46% share of the global market.

Furthermore, some USD 91 billion of luxury spending took place overseas, meaning that 78 percent of luxury purchases by Chinese consumers did not take place in China.

Price difference is the major reason: this can be as high as 80 percent in the premium alcohol and wristwatch categories, the report said, but under 30 percent in others, including clothes, perfumes and cosmetics.