Holidays in China equate to huge economic boosts for luxury goods in Europe and North America. During their recent week-long Spring Festival holiday, Chinese tourists spent a combined $7.2 billion overseas, 46% of the total in Europe and 19% in North America. This huge number is up 28.6% from the $5.7 billion Chinese shoppers spent in the same period last year, according to the World Luxury Association (WLA).
Thanks to Chinese tourists, Europe saw a 12% boost in their luxury goods sales over the Jan. 22-28 holiday period, a very important increase in the midst of their economic crisis.
A recent WLA survey concluded that an vast majority of consumers, 72%, prefer shopping abroad because of lower prices. Consequently, according to a broker called CLSA, 55% of luxury goods bought by Chinese consumers were outside mainland China.
In a 2011 research report also done by CLSA, it was predicted that China’s share of the global luxury market will triple to 44%.