Chinese to Buy One-quarter of World's Luxury Products in 2012, Report Says

(Beijing) – The Chinese have become the world's biggest buyers of luxury products and will buy 25 percent of the total sold in 2012, a report by a business consulting firm predicts.

Purchases of luxury goods in mainland China rose 7 percent year on year this year, but purchases by Chinese people travelling overseas rose 31 percent, Bain & Company reported.