China bought nearly half of the world's luxury goods last year

Consumers in China spent $116.8 billion on luxury goods abroad in 2015, according to China Daily.

This translates to 46% of the global volume of high-end goods, which includes branded leather goods, cosmetics and electronics, according to consultants at Beijing-based Fortune Character Group, which derived these figures from the revenues of some 20,000 brands.

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The government says that 120 million Chinese tourists — just about 1% of the population — went overseas in 2015, and contributed to 12% of global spending on their holidays. Read more...

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