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Chinese Consumers to Increase their Spending on Luxury Goods in the Forthcoming Years

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Published on : Sep 18, 2015

Shopping tourism in China seems to be increasing despite the economic turbulence facing this economy. Consumerism is something that the Chinese economy is at present thriving on. More than 27% of the overall sale of luxury goods is because of Chinese consumers. Almost 80% of the luxury goods are manufactured in other countries. As per predictions, the consumer base in China will in no way change even though a few major economic shifts have been taking place in this economy in recent times. 

Also, the economic slowdown in China does not have any impact on the travel involved in shopping tourism, but only has an impact on its basic nature. It has also been observed that the frequency of long trips made by the middle class population has declined significantly, with greater number of people choosing to visit destinations such as Korea and Japan for things like shopping. 

Despite a substantial decline in the average spending, the typical purse shopping spending is anticipated to remain rather strong. Also, analysts have expressed that this is only a volume related problem and nothing more than that. As previously thought, the matter pertaining to the devaluation of the currency will also not have any major impact on consumerism in China. The concept of outbound tourism in China is quite new because it was earlier not very easy to get visas and it was also an expensive proposition. 

Most Chinese consumers, when in some other country end up spending almost US$229 bn each year. This figure is expected to double till 2020. From the year 2012, Chinese consumers were considered to be the biggest consumers even more than the Germans, and since then the former have managed to retain their leading position in the area of consumer spending.