Chinese buy most luxury goods in the world

The purchasing power of Chinese consumers rises with each passing day. More and more people in China can now afford brand name designer bags, watches, shoes, just to name a few. In recent years, Chinese consumers have become the largest consumer group of luxury brands in the world.

Chinese outbound tourists are cashing in heavily on luxury brands, from the shopping avenues of the Champs Elysees to Times Square in New York. In 2012, Chinese people spent over 300 billion yuan, or nearly 49 billion US dollars, for luxury goods. High-end brands like Burberry say that Chinese tourists are now the major driver behind sales growth.

Besides pursuing prestigious brands, Chinese consumers are now more picky about the quality and culture in the products.

Analysts predict that by 2015, around one third of the world's luxury goods will be bought by Chinese consumers.