Purchases of luxury goods by Chinese made up 33% of the world's total luxury goods sales in 2018, up from 32% in 2017.
The increase in the sale of luxury goods in China was noted in a report in November by Bain & Co consultancy. Purchases of luxury goods by Chinese made up 33% of the world's total luxury goods sales in 2018, up from 32% in 2017.
Between 2015 and 2018, purchases on the Chinese mainland accounted for twice as much growth as spending abroad, and the share of luxury goods bought in China in 2018 rose to 9% from 8% in 2017.
Global luxury stocks were down by 11% in October, a reduction of $150 billion in market value, Bloomberg reported. The Chinese are predicted to account for half of the world's luxury goods sales by 2025. They will spend $412 billion on luxury items, or 46% of global sales, in the next six years alone.
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