Posted On 2016/02/16 By In Business, News, China Outbound, Holidays, Luxury, Shopping With 684 Views

Chinese Tourists spent $183 billion shopping overseas last Year

Last year, China’s plentiful tourists spent almost 1.2 trillion yuan ($183 billion) on shopping sprees abroad, according to the Ministry of Commerce, a good deal of that money was spent on snatching up luxury goods.

China Daily reports that the Fortune Character Research Center estimates Chinese overseas consumption of luxury goods last year at $116.8 billion, accounting for 46% of luxury purchases globally. $91 billion was spent in the US, accounting for 78% of total overseas consumption by Chinese consumers.

“Convenient traveling conditions, the appreciation of the yuan and attractive foreign retail and tourist markets pushed Chinese to buy more foreign products in both physical stores and online shops,” assessed Jiang Yiyi, director of China Tourism Academy’s International Tourism Development Institute.

Overseas consumption by Chinese has reportedly grown by an average of 27.8% from 2005 – 2015, says the Ministry. It’s largely thanks to the high cost of luxury goods on the mainland, with China’s Chamber of International Commerce finding the price of 37 high-end consumer goods in the mainland to be 40-68% more expensive than in the US, France, and Germany.

Senior researcher Li Jian from the Chinese Academy of International Trade & Economic Cooperation calculates that if a third of current overseas spending was done in the country, domestic retail sales would rise 1%.

Fortune Center president Zhou Ting has suggested that the Chinese government lower taxes and show more support for domestic brands in order to enhance consumption of goods locally as 6 million tourists left the country to buy stuff during this year’s Spring Festival break.


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Sources:

Article: Shanghaiist / Image: SZ Mall

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About

Stefan

Stefan (from Austria, Europe) has been living, studying and working in China since 2010. Stefan has worked on several research, publication and consulting projects focusing on the China Travel Market. He holds three Masters degrees and is an expert on China Outbound Tourism, Marketing and Social Media in China. Stefan works with BMG on the Global Ready China Seminars as well as the Global Ready China News and related projects. He also has teaching engagements in the areas of eMarketing and Tourism Strategy.

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