Chinese consumption abroad sets record high
- By Zhou Jing
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E-mail China.org.cn, February 2, 2012
![Tourists from China spent US$7.2 billion abroad during the Spring Festival holiday season, much of it on luxury items. [Photo: cbmag.cn]](http://images.china.cn/attachement/jpg/site1007/20120202/0019b91ec74f1094649d01.jpg "Tourists from China spent US$7.2 billion abroad during the Spring Festival holiday season, much of it on luxury items. [Photo: cbmag.cn]") |
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Tourists from China spent US$7.2 billion abroad during the Spring Festival holiday season, much of it on luxury items. [Photo: cbmag.cn] |
During this Spring Festival holiday season, Chinese people spent up to US$7.2 billion abroad, 15 percent over expert predictions and hitting an all-time high.
Chinese tourists have become the group with the highest purchasing capability of luxury goods and services on vacations abroad, ranking first in the world, according to a report issued Wednesday by the World Luxury Association.
The report shows 46 percent of the US$7.2-billion-worth consumption was distributed in Europe, 19 percent in North America, and 35 percent in Hong Kong, Macao and Taiwan. Spending by Chinese tourists accounted for 62 percent of the total sales in the European luxury market, 28 percent in North America and 69 percent in Hong Kong, Macao and Taiwan.
In Europe, travelers from China mainly spent in France, Italy, the U.K. and Switzerland, and they preferred to buy renowned watches, leather products, fashionable clothes, cosmetics and perfumes.
The report also showed that the total amount of luxury consumption in the Chinese mainland reached US$1.75 billion during this Spring Festival holiday, a quarter less than the consumption abroad of the same period. Beijing and Shanghai were listed as major consumption areas. People preferred to buy luxury watches, jewelries, brand-name clothes, leather products, cosmetics, perfumes and wines.
China's business press carried the story above on Wednesday.
Contact the writer of this story at: zhoujing@china.org.cn.
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