Chinese consumers spent 1.2 trillion yuan (US$184 billion) overseas in 2015, Chinese state-run news agency Xinhua reported.

The estimate was calculated by Fortune Character, an invitation-only club for rich Chinese. It offers to connect leading luxury brands with its membership.

According to the firm, more than 60 percent of the amount spent overseas last year by Chinese consumers went on luxury goods.

Fortune Character also estimated – as quoted by Xinhua – that Chinese people spent US$116.8 billion on luxury products in 2015, accounting for 46 percent of the world’s luxury sales. Approximately 80 percent of the luxury purchases happened abroad, the firm added.