According to a Xinhua report on the statistics that the Ministry of Commerce recently published on Chinese’ overseas purchase of luxury goods, in 2015, Chinese tourists spent about 1.2 trillion yuan (US$0.2 trillion) overseas, thus becoming the leader among the world traveler consumer groups.
Fortune Character Institute, a Shanghai based management consulting firm, estimated that, in 2015, Chinese consumers’ expenditures on luxury goods worldwide amounted to US$116.8 billion, about 46 percent of the world’s total expenditures on global luxury goods. Of Chinese consumers’ expenditures, US$91 billion or 78 percent, took place outside of China.
The price difference is still the most attractive reason for making purchases overseas. The average price spread for alcoholic beverages is around 64 percent; for wrist watches it is around 33 percent.
Overseas shoppers are mostly between 25 and 40 years old. Those between 25 to 30 years old prefer clothing and cosmetics; 30-to-35-year-old shoppers like luggage, bags, and digital products, 35-to-40-year-old shoppers are more interested in luxury jewelry, in addition to nutrition and health products.
Source: Xinhua, February 13, 2016