25 Feb '13, 7pm

Chinese #Luxury Spending Reportedly Plummets At Home, Skyrockets Abroad #china #tourism

Chinese #Luxury Spending Reportedly Plummets At Home, Skyrockets Abroad #china #tourism

a new report by the Beijing-based World Luxury Association holds that Chinese consumers spent a relatively spare US$830 million on luxury items domestically from January 20 – February 20, a 53 percent drop from last year’s spending spree, but a whopping $8.5 billion overseas, an 18 percent increase year-on-year. Price considerations remain the key driver of overseas luxury spending, with 93 percent of mainland Chinese consumers surveyed by the WLA saying they were motivated primarily by lower prices abroad. Nothing really new here, aside from signs that the current, chillier luxury environment in China — along with lower prices — is simply sending more big spenders abroad, where they can make more private big-ticket purchases.

Full article: http://www.jingdaily.com/chinese-luxury-spending-reported...

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