A leading research group says Chinese consumers spent a record $7.2 billion abroad on luxury goods during the Chinese New Year’s holidays, which ended last week.

The World Luxury Association figures, reported in Chinese media, says luxury consumption jumped nearly 30 percent from 2011 and far surpassed spending projections formulated last year.

The People’s Daily ((newspaper)) reported Thursday that rich Chinese wield the world’s strongest purchasing power, with spending enthusiasts accounting for one-third of luxury purchases in European and North American markets.  The report also says 69 percent of all luxury holiday purchases in Hong Kong, Macao and Taiwan were made by mainland Chinese.

Government-controlled media also cite data showing that more than 70 percent of Chinese consumers buying abroad during the holiday period believe overseas luxury goods were cheaper than domestic goods.  About the same percentage of respondents said they believe they had more consumer choices abroad.