Spending on luxury falls on mainland China

China remained the world’s largest consumer of luxury products last year even though domestic sales fell for the first time due to the government’s anti-corruption campaign and increased spending overseas.

Chinese spending on luxury goods increased 9 percent to CNY380 billion (USD61.3 billion) in 2014, accounting for 30 percent of global spending, according to Bain & Company’s 2014 China Luxury Market Study.

However, sales of such products on the Chinese mainland fell 1 percent from a year earlier to CNY115 billion, the consulting firm said on Tuesday.