China spent $7.2b in foreign countries over New Year
According to a new report by the World Luxury Association (WLA), Chinese consumers have become the most powerful consumer group of luxury goods on foreign soils during the Chinese New Year holiday season. Leathergoods, watches, clothing, cosmetics, and perfume are some of the most favoured items.
Chinese people spent $7.2 billion in foreign countries during the 2012 Chinese New Year holidays, a record-high, and 15% above original estimates, according to the WLA report, released on 1 February.
Europe captured 46% of market share of the spend. Other locations were North America, with 19%, and the Hong Kong-Macao-Taiwan areas, with 35%. During the same period, purchases made by Chinese consumers represented 62% of total luxury goods sold in Europe, 28% in North America, and 69% in the Hong Kong-Macao-Taiwan areas.
In Europe, Chinese consumers spent the most in France, Italy, the UK and Switzerland. Sales of luxury goods in Europe increased by 12% during the Chinese New Year holidays between 1 January and 1 February 2012, compared with last year.
Sales of luxury goods in the US increased 7.5% over last year. Chinese shoppers make up 28% of total sales in the US luxury good market.
Luxury sales in Hong Kong and Macao increased 14.7% , with mainland consumers representing 69% of the sales.
The report also says that inside China, luxury goods purchased during the Chinese New Year period totalled $1.75 billion.
