Chinese buy nearly half of world's luxury products

Chinese consumers spent 1.2 trillion yuan ($183 billion) abroad last year, with the goods they bought ranging from luxuries to daily necessities, according to a luxury-market consultancy.

More than 60 percent of the consumers bought luxury products-including handbags, cosmetics and mobile gadgets - spending $116.8 billion on such goods, the Beijing-based Fortune Character Group said.

This accounted for 46 percent of global luxury sales, the company added.