Chinese tourists proved to be biggest consumers of luxury goods in London during the Olympic Games.

The average Chinese tourist spent 203.04 pounds ($318.57) per purchase, 10 percent higher than tourists from the United Arab Emirates, who ranked second according to a People's Daily report on Saturday.

Chinese consumption of luxury goods has grown 18 percent year-on-year, with total spending expected to reach $27 billion by 2015, ranking first in the world according to statistics released by McKinsey.

However, Chinese may be spending more than they can afford. A recent report by KPMG shows that Chinese consumers spent around 40 percent of their yearly incomes on luxury goods, while those from developed countries spent 4 percent on average.   

@润之围脖: Now Chinese shoppers have high standards when it comes to quality, design and warranty - things Chinese companies cannot provide. This is why foreign luxury brands have such a large market share.  

@王晓炜的微博: If you earn an honest living, you can spend your money any way you want. What repulses me is how some officials spend their illegal incomes on these things. Cutting luxury consumption should start with officials, public servants and high-society.

@BM柏明: Why do some people buy expensive things to flaunt their wealth? That's because they want to buy respect, which is just stupid.

@橘色滴阳光: I agree that luxury spending should reflect your level of income. However, the consumer values of Chinese people are just screwed up. Lots of people have just jumped on the luxury bandwagon.

@黄龙洞小妖: Luxuries are just a part of the consumer market. It is not wrong for ordinary people to spend a large part of their income on luxury items, which do not only serve a practical purpose; they also represent a choice of lifestyle and a feeling of satisfaction.