A woman selects bags at Haikou Riyue Plaza Duty Free Shop in Haikou, south China's Hainan Province, Jan. 8, 2023. (Xinhua/Yang Guanyu)
BEIJING, Feb. 15 (Xinhua) -- China's domestic sales of luxury goods reached 547.5 billion yuan in 2022, down 15 percent year on year, marking the first decline seen in the country, according to a report released on Tuesday by Yaok Institute, a market research and consulting institution for China's high-end lifestyle.
The report on China's luxury sector in 2022 says last year, Chinese consumers' domestic and overseas spending on luxury goods accounted for 57 percent and 43 percent of their total luxury consumption respectively.
956 billion yuan of luxury goods were sold to Chinese consumers in 2022, down 4 percent year on year and accounting for 38 percent of the world's total sales. China remains one of the most important engines of global growth in luxury spending, according to the report.
Looking ahead, Tina Zhou, head of Yaok Institute, expected as domestic and international buying of luxury goods recovers, Chinese consumers' overseas shopping of luxury goods would rise slightly and remain less than their domestic purchase. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
A single purchase
