Chinese shoppers stampeding into Selfridges in London, during the recent Boxing Day sale.
Chinese nationals accounted for the largest share of luxury goods sales in overseas markets during the month of January, with total sales of approximately $7.2 billion USD recently. The amount sees the a nearly 30 percent increase from the same period last year, when Chinese on vacation spent $5.6 billion USD on luxury items.
According to statistics from the World Luxury Association, Chinese citizens were responsible for 62 percent of luxury purchases in Europe during January, while the figure stood at one third of the luxury market in the United States, and 69 percent of the luxury market in Hong Kong, Macao and Taiwan.
Luxury items focused on in the report include watches, leather bags, designer clothes and perfumes, and cosmetics.
For the record, $7.2 billion greenbacks is enough to buy nearly every resident in Des Moines, Iowa (Pop. 271,700) a $26,500 Vacheron Constantin Patrimony Contemporary Automatic watch.
Meanwhile, the problem with the Chinese economy remains the fact that consumers save too much and don’t spend enough. But of course.