China remained the world’s largest consumer of luxury products last year even though domestic sales fell for the first time due to the government’s anti-corruption campaign and increased spending overseas.
Chinese spending on luxury goods increased 9 percent to CNY380 billion (USD61.3 billion) in 2014, accounting for 30 percent of global spending, according to Bain & Company’s 2014 China Luxury Market Study.
However, sales of such products on the Chinese mainland fell 1 percent from a year earlier to CNY115 billion, the consulting firm said on Tuesday.
