Chinese luxury spending to hit $120bn in 2016Staff Writer | October 18, 2016
Chinese luxury spending is expected to reach $120.4 billion in 2016, up 3 percent year on year.
Retail Hong Kong and Europe are popular destinations
But Chinese consumers still account for nearly half of the world's luxury spending, it said. Chinese buyers did 77 percent of their luxury spending overseas, it said.
Zhou Ting, president of Fortune Character, said Hong Kong and Europe remain popular destinations for Chinese luxury purchases.
Over the past five years, fewer Chinese high-end buyers said they would increase their luxury purchases, the report said.
In 2016, only 17 percent respondents planned to increase luxury spending, according to the report. ■