Graphics: Spending on Luxury Goods in 2014

(Beijing) – Consumers in China spent less on luxury goods last year, a global consultancy says in its annual report, but outlays abroad rose. Sales of luxury goods in China fell 1 percent to 115 billion yuan last year compared to 2013, a report recently published by Bain and Co. said, the first such decline in China since 2000 when the firm began watching the country's luxury goods market. Flagging sales of watches, men's clothes and leather goods were the major reason for the decline. The company blamed the slip in sales to a government austerity campaign targeting extravagant gift-giving, banquets and other excesses that coincided with anti-corruption efforts that started in late 2012. Slower economic growth also contributed to the falloff. Despite this, spending by Chinese people on luxury goods abroad rose in 2014 by 21 percent to 265 billion yuan. Consumers used "daigou" – personal shoppers who bought luxury items in overseas markets and sent them home – for 15 percent of these foreign purchases.