Mainland tourists drive luxury products market
Print Edition
SHOPPING for luxury goods is one of the key reasons for wealthy Chinese to travel, China Youth Daily reported yesterday.
And their desire to buy the best is helping to fuel the global luxury goods market, it said.
According to a survey by website Travelzoo, almost 65 percent of mainland visitors to Hong Kong last year bought a luxury item. Among visitors to Europe the figure was 46 percent and to the US 33 percent, the report said.
In comparison, just 12 percent of the inbound tourists to China’s mainland bought luxury goods in 2013.
One of the reasons for the disparity is the high price of luxury goods in the mainland. The government imposes tariffs of up to 40 percent on many luxury products, which makes it worthwhile for people to do their shopping overseas, the report said.
The tax breaks available to tourists are also a major driver, with the value of rebates from European countries to Chinese tourists totaling about 3 billion euros (US$4.1 billion) a year.
Binge shopping is often associated with increases in outbound travel as many people take breaks during the National Day and Spring Festival holidays.
According to Bain Capital, a US alternative asset management firm, almost two-thirds of the money spent by Chinese consumers on luxury products in 2013 was spent outside the mainland.
Morgan Stanley, meanwhile, said by next year, spending by outbound tourists is likely to reach US$194 billion, or almost twice the current level.
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