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Chinese lavish US$7.2b on foreign luxuries on holiday trips
By Lu Nengneng |
February 2, 2012, Thursday
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Online Edition
Online Edition
CHINESE luxury consumers spent about US$7.2 billion outside the mainland during the 7-day Spring Festival, way above the US$5.7 billion estimate and a 28.6 percent jump year-on-year, a report said yesterday.
Europe remained the top destination for luxury shopping during the holiday with a 46 percent market share. Chinese tourists accounted for 62 percent of its luxury sales, a rise of 12 percent year-on-year, according to a survey conducted by the World Luxury Association.
Hong Kong, Macau and Taiwan occupied a 35 percent market share with mainlanders contributing 69 percent of their sales; North America took the remaining 19 percent share with Chinese travelers contributing one-third of its sales.
The World Luxury Association said the Chinese consumers were the biggest luxury buying force during the holiday with watches, leather goods, fashion clothes and cosmetics topping their shopping lists. The country spent US$12.6 billion last year on luxury products, excluding private jets, yachts and cars, representing 28 percent of the global figure.
Meanwhile, luxury spending on the Chinese mainland stood at only US$1.75 billion, mostly in the cities of Beijing and Shanghai.
Up to 72 percent of the survey participants said they were attracted by overseas prices and lower taxes, while 69 percent and 45 percent said they were drawn by a wider range of offers and better services, respectively.
Europe remained the top destination for luxury shopping during the holiday with a 46 percent market share. Chinese tourists accounted for 62 percent of its luxury sales, a rise of 12 percent year-on-year, according to a survey conducted by the World Luxury Association.
Hong Kong, Macau and Taiwan occupied a 35 percent market share with mainlanders contributing 69 percent of their sales; North America took the remaining 19 percent share with Chinese travelers contributing one-third of its sales.
The World Luxury Association said the Chinese consumers were the biggest luxury buying force during the holiday with watches, leather goods, fashion clothes and cosmetics topping their shopping lists. The country spent US$12.6 billion last year on luxury products, excluding private jets, yachts and cars, representing 28 percent of the global figure.
Meanwhile, luxury spending on the Chinese mainland stood at only US$1.75 billion, mostly in the cities of Beijing and Shanghai.
Up to 72 percent of the survey participants said they were attracted by overseas prices and lower taxes, while 69 percent and 45 percent said they were drawn by a wider range of offers and better services, respectively.
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