The Chinese economy may be slowing, but don’t tell that to the hordes of Chinese consumers who love to buy luxury goods.

The latest edition of Bain & Co.’s annual report on the global luxury market is showing that China’s market for personal luxury goods like watches, handbags, and shoes is expected to grow by a hefty 26% this year to 30 billion euros. That far outpaces the global growth rate, which is expected to come in at about 4%.

The strong growth owes largely to recent efforts by luxury brands to reduce price discrepancies between their goods sold in China and those sold elsewhere. In the past, the same luxury goods often sold for far more in China than identical products in other countries, leading many Chinese to do their shopping abroad.

The latest report shows that the overseas shopping trend still continues, even as the price-equalizing efforts boost the China market. Chinese consumers are forecast to account for about a third of all personal luxury goods spending worldwide this year, even though actual sales of such goods in China will account for just about 10% of the world’s total.

China is now the world’s fourth-largest market for personal luxury goods in regions tracked by the report, behind Europe, the Americas, and the rest of Asia. On a broader basis, the global market for all luxury goods, which also includes such big-ticket items like cars, is forecast to grow 4% this year to about 1.3 trillion euros, the report showed.

Read the full story later today on Caixin Global.

Contact reporter Yang Ge (geyang@caixin.com; Twitter: @youngchinabiz)

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