Chinse spent $ 7 billion dollars overseas in buying luxury goods

Chinese people spent a total of US$ 7.2 billion overseas in buying luxury goods during the long Lunar New Year holidays this year, an industry group said Thursday, underscoring Chinese consumers’ growing appetite for high-end products.

According to the World Luxury Association, an estimated $ 7.2 billion worth of luxury goods were purchased by Chinese people who went abroad during the Jan. 1 to Feb. 1 period. In 2010, the equivalent figure was $ 4.9 billion.

The first day of this year’s Lunar New Year fell on Jan. 23.

The association said the Chinese people have become the largest buyers of luxury goods among the foreign tourists.

The Chinese people accounted for 62 percent of the total luxury goods buyers in Europe and 33 percent in North America.

About 46 percent of the consumption took place in Europe, with 35 percent in Hong Kong, Macao and Taiwan combined, and 19 percent in North America.

Luxury goods included watches, leather goods, fashion items, cosmetics and perfumes.

During the same period, $ 1.75 billion worth of luxury goods were sold in mainland China.

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