Global luxury market continued to record slowdown in 2016 as major conglomerates, such asLVMH, Swatch and Hermes, reported only single-digit or even negative sales growth,according to a report on Chinese shopping abroad released by Fortune Character Institute onOct 12.
Zhou Ting, chief researcher of the report, said that over the past five years, high-end Chineseconsumers have lowered their expectations on luxury items year by year. This year, only 17percent respondents said they planned to increase luxury spending, while in the year 2011 itwas 41 percent.
However, Chinese consumers still account for nearly half of the world's luxury spending and thereport predicts that they would spend a total of $120.4 billion on luxury items this year, up bythree percent, much lower than 10 percent achieved last year. A total of 77 percent of thesepurchases will be made abroad.
Let us check the top 10 places where an individual consumer spends most money in terms ofper customer transaction.
No 10 The Republic of Korea, 5,500 yuan($816.99) per customer transaction
A group of Chinese women dress in Korean attire while visiting Jeju Island.[Photo/China Daily]
No 9 The United States, 9,000 yuan per customer transaction
Reporters take photos of the all-new rose gold iPhone 6s Plus at the Bill Graham Civic Auditorium inSan Francisco on September 9, 2015. [Liu Zheng/ chinadaily.com.cn]
No 8 Japan, 13,000 yuan per customer transaction
A Chinese tourist (right), inspects a wrist watch at a Laox Co store in the Ginza district of Tokyo.
No 7 Singapore, 15,000 yuan per customer transaction
The skyline and view of the Merlion in downtown Singapore, on May 31, 2016.
No 6 Hong Kong of China, 17,000 yuan per customer transaction
Fireworks explode over Victoria Harbor as part of celebrations of the Chinese New Year in Hong Kong,on Feb 9, 2016.
No 5 Macao of China, 21,000 yuan per customer transaction
The Ruins of St. Paul’s of Historic Center of Macao.
No 4 Italy, 28,000 yuan per customer transaction
The illuminated Colosseum is pictured at night in Rome, Italy, June 7, 2011.
No 3 The United Kingdom, 38,000 yuan per customer transaction
A man poses for pictures during celebrations held to mark the official birthday of Britain's QueenElizabeth II in Green Park, London, June 12, 2016.
No 2 France, 44,000 yuan per customer transaction
View of traffic in front of Arc de Triomphe at night, in Paris, June 3, 2016.
No 1 Switzerland, 49,000 yuan per customer transaction
McLaren 570GT makes its world premiere at the 86th International Motor Show in Geneva, Switzerland,also known as Geneva Motor Show, on March 1, 2016.