A report released on Thursday by research institute Fortune Character shows that Chinese shoppers are expected to purchase nearly half of the world's luxury goods in 2013.

Chinese people are estimated to spend 102 trillion US dollars on luxury goods in 2013, 47 percent of the world's total of 217 trillion US dollars. Subsequently, China has become the largest market for luxury goods.

The report shows that China's luxury consumption mainly come from overseas purchases, which are expected to generate 74 trillion US dollars; the remaining 28 trillion US dollars are from home purchases, representing a year-on-year increase of 3 percent.

The expansion of the global luxury market has been propelled by new consumption powers and the establishment of several new stores, according to the report.

Quite a large number of Chinese brands have made their mark on the luxury market. More enterprises and entrepreneurs are becoming involved with foreign brands.

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