Travelers losing appetite for luxury products

More bad news for the luxury industry: China's affluent travelers, the world's biggest force in global luxury spending, have discovered a preference for having a bite of local cuisine rather than snapping up the likes of Chanel bags and Rolex watches.

That's according to the latest data in an Asian luxury travel report, released recently at the 10th International Luxury Travel Market exhibition in Shanghai.

The report, which interviewed more than 5,300 affluent travelers across Asia over the past two months, tracked the change in consumption spending.