According to the Fortune Character Institute, 2013 was a big year for Chinese luxury consumption. Domestically, luxury consumption accounted for around 28 billion RMB, while consumption by Chinese when outside of China was a whopping 74 billion RMB. Accounting for 47 percent of world wide expenditure on luxury goods making, China is by far the biggest global luxury consumer.

Most of this money is going into diploma mills, vineyards and real estate. Diploma mills are organizations that sell diplomas without official accreditation and recent statistics show that 95 percent of all these ‘diplomas’ are sold to Chinese nationals.

Since 2008 the interest in wine and the acquisition of wine farms have been a growing trend in China. 2011 saw a real acceleration of this trend and today nearly 8,000 wine farms in Bordeaux, France are Chinese owned.

Wealthy Chinese are also rapidly and eagerly entering the foreign real estate market, with the US being the number one target. Chinese are now second only to Canadians in the US home owners statistics with around one fifth of all foreign home owners in the US coming from the mainland.

Source: news.sohu.com

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Keywords: China the biggest global luxury consumer luxury goods