China’s luxury goods tourists could be tempted by fa - leatherbiz: Lea Leatherbiz

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China’s luxury goods tourists could be tempted by falling prices at home

06/09/2017
Prices of luxury goods in China have declined by a quarter over the past year, meaning the traditional ‘tourist spend’ in European cities such as Paris and Milan could reduce.

A report in UK-based publication the Financial Times says Chinese consumers buy a third of luxury goods, mainly outside the mainland because of high import taxes and price premiums.

The analysis by consultancy Deloitte found the change was driven by the depreciation of the renmimbi against the euro.

Prices in Europe are, on average, 23% more expensive compared with 41% a year ago.


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