CHINA accounts for nearly half of the world’s luxury consumption so far this year, but Chinese consumers do most of their shopping outside the country, a Beijing-based consultancy said in a report Tuesday.

    Chinese are expected to spend US$116.8 billion on luxury goods this year, accounting for 46 percent of the world’s total, said the Fortune Character Institute.

    However, US$91 billion worth of luxury purchases, or 78 percent of all Chinese luxury consumption this year, happens outside China, up 12 percent from last year. Increased buying overseas has led to a 1 percentage drop in China’s luxury market share in the world’s total, to 10 percent.

    The report also found that 83 percent of luxury brands have closed some of their retail outlets in China this year and closures will continue. It predicted more overhauls of existing shops next year to focus on experience and service as more consumers opt to purchase online. This year also witnessed an emergence of luxury online retailers in China. (Xinhua)