Chinese travelers are world's biggest spenders
- By Chen Xia
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E-mail China.org.cn, August 15, 2013
Chinese travelers have become the world's biggest spenders, said a report released on Tuesday by the Research Center for Luxury Goods and Services with Beijing's University of International Business and Economics (UIBE) and the Fortune Character Institute.
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Chinese customers at a London shop on Dec. 26, 2012. [File photo] |
In 2012, more than 83 million Chinese travelers spent about US$102 billion overseas, rising by nearly 100 percent from US$54 billion in 2010, according to the 2013 Report on China's Consumption of Duty-Free Goods.
Hong Kong and Macao became the most popular destination outside the Chinese mainland, followed by Europe and the United States, with 26 percent, 23 percent and 10 percent of Chinese travelers visiting the three regions respectively in 2012.
Luxury brands unavailable on the Chinese market were their most favored purchasing items. While the ordinary Chinese preferred beauty products, leather goods and apparel, the wealthy Chinese tended to buy jewelry and watches.
The existing price gaps (of luxury goods) between the Chinese mainland and overseas markets, the rise of the yuan, the consumer distrust of product quality and the shortage in supply were the four main reasons behind the spending frenzy.
"The price gap was a result of the pricing strategy of luxury brands and the collection of custom duties, excise duties and various taxes and fees during the distribution and sales of the products," said Zhou Ting, head of the Fortune Character Institute. "Besides, the appreciation of the yuan makes Chinese travelers more financially capable of buying things overseas."
As for the future, the report estimated that with the development of the transportation industry, the spreading of information and the increasing globalization of world trade, more and more Chinese travelers will turn their eyes towards luxury goods unavailable on the Chinese market, especially those tailored to individual needs, available in limited editions or produced by lesser known brands.
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