Companies selling luxury goods have gained much from China's economic growth.

A report by the Fortune Character Institute states that China is the world's biggest consumer of luxury goods, making up 46% of global sales.

However, there are many different phenomena at play.

For example, within China's borders, sales of luxury goods have been hit by China's anti-corruption campaign.

Although Chinese purchases of luxury goods are increasing, Chinese consumers purchased 76% of their luxury goods while overseas.

Even in China, the markets for luxury goods are dominated by foreign players.

The last decade has seen Chinese companies make great strides abroad, increasing their investments and presence in overseas markets, but so far, these have involved sectors other than luxury goods.