50% of Chinese spending on luxury goods for gifts

During Spring Festival last year, thousands of Chinese travelers raided the finest shops of Fifth Avenue in New York.

"I have never before gazed on such a sight in my career as a tour guide as when Chinese visitors swept Fifth Avenue in New York and bought all the best and most expensive things." A tour guide said..

Mr. Zhao, from Qingyuan of Guangdong, was a member of that tourist team, bought Vacheron-Constantin watches in New York, and he said his clients would love the watches.

According to the statistics issued by McKinsey, 50 percent of consumption of luxury goods in the Chinese market in 2009 was spent on presents.

By People's Daily Online