BEIJING -- Chinese consumers spent 1.2 trillion yuan ($184 billion) overseas last year, with over 60 percent going to luxury goods, according to an estimate by Fortune Character, a luxury market consultancy.

Chinese spent $116.8 billion on luxury products last year, accounting for 46 percent of the world's luxury sales, said the firm.

Nearly 80 percent of the luxury purchases happened abroad as price difference in products such as alcohol and watches can be more than 80 percent, the Fortune Character said.