In a recent article, Xinhua reported that, as of July, Chinese consumers’ spending overseas had continued to drop for five consecutive months. The statistics for July indicated that Chinese tourists’ spending overseas dropped by 23 percent, an increase over the drop of 18 percent in June. The slowdown of spending drove the 13 percent drop for tourism in the world market. The European market saw a decrease of 20 percent due to concerns about terrorist attacks. Meanwhile Chinese tourists’ spending in Asia continues to grow. Korea has surpassed Japan and become the favorite country for tourists, mainly due to spending on cosmetic and plastic surgery products.
Source: Xinhua, August 22, 2016