Chinese spending less on luxury goods during holiday period
05/10/2012
Anecdotal evidence indicates this year’s eight-day holiday is turning into a disappointment for retailers, who say they’ve noticed a drop in spending by mainland tourists on big-ticket items, including high-end fashion.
Overall visitor numbers from the Chinese mainland are also down this year, with arrivals down 6% on the first official day of the holiday period on Sunday, according to figures cited by the South China Morning Post.
The decline marked the first drop in mainland Chinese tourism since the financial crisis in 2009.
During last year’s Golden Week holiday around 770,000 Chinese mainlanders travelled to Hong Kong, accounting for about $10 billion in retail spending, according to HSBC.
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