Louis Vuitton, Omega and some other luxury brands now cost less in Europe than in Hong Kong or Macao, two other popular Chinese destinations for shopping trips, Li said.

FORBES: Europe Beckons Chinese Shoppers

The 20 countries where fertility is at or below the level needed to sustain the current population include China, Hong Kong, Macao, North Korea, Iran, Kazakhstan, Singapore, Thailand, Armenia, Cyprus, Georgia, Barbados, Cuba, Guadeloupe, Martinique, Puerto Rico, Saint Lucia, Trinidad and Tobago and Chile.

BBC: NEWS | In Depth | Developing world births 'falling'