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prada eyeglasses for women 2013 sophistication of Chinese consumers, and rapid urbanization and growing wealth in second and third tier cities.Still, the typical Chinese luxury consumer differs greatly from his or her counterparts in more mature luxury markets. Luxury items in China are generally purchased as status symbols and not necessarily because of taste, sophistication or service. CLSA estimated that in 2010, 16% to 17% of Chinese consumers bought luxury goods as gifts, with handbags, clothing, watches and jewelry being the most popular. Within the accessories segment, 37% of purchases were made for the purpose of gifting, a far greater proportion than in other markets, with only the newest and most expensive products being acceptable.According to a recent article in the Hurun Report a Chinese publication similar to Forbes, the average Chinese millionaires are 15 years younger than their counterparts in other parts of the world, and their number has been rapidly increasing by 6.1%, to nearly one million in 2010. Finally, China luxury goods market was previously dominated by men, due to the importance of the gift giving culture in business. As more women have entered the workforce, the proportion of luxury goods they purchase has risen to more than half the market total.Why Chinese Consumers Shop AbroadDespite the increase in Chinese luxury goods consumption, luxury brand boutiques in China attract much less traffic than managers would like. Compared to the crowded Apple store next door, Louis Vuitton LV flagship in Shanghai is empty. More and more, Chinese luxury consumers are choosing to do their luxury shopping abroad. In recent studies, Bain found that more than 50% of luxury goods purchases by Chinese consumers in 2010 were made overseas. A study by PATANielsen found the average Chinese tourist in Europe purchases US$1,359 of goods per trip more than any other nationality.This is especially striking considering that most economists believe the renminbi is significantly undervalued. According to Xiao Qianhui, general manager of the Shanghai based Spring International Travel Agency, most Chinese tourists consider shopping for luxury goods the main purpose of a trip to France. one Chinese tourist