Chinese consumers are expected to remain the biggest spenders in the global luxury market this year, accounting for 46% of worldwide sales of the goods. Chinese shoppers are forecast to spend USD117 billion, or 9% more, on luxury goods in 2015, with 78% of the purchases made overseas, according to a report by the Shanghai-based Fortune Character Institute. But just 10% of worldwide sales were expected to be in China, down from 11% in 2014, the Institute said in its “China Luxury Report 2015”. The report looked at sales of jewelry, watches, accessories and clothes, but not cars, yachts, jets or art. More than 80% of global luxury brands had closed Chinese stores and conditions were set to worsen, Institute Director Zhou Ting said. “We expect more than 95% of the brands will close some of their stores in the coming year, and upgrade the rest – to replace them with experience and service centers,” she said. Some luxury companies such as Gucci are diversifying into food and beverages, and into customized services. Surveying more than 3,800 Chinese with over CNY5 million in assets, the Institute found that brand names carried much less weight now for the rich.