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30% of global duty-free shopping driven by Chinese travelers
Chinese shoppers drove 30 percent of all global duty-free sales in 2014. They have contributed the most to duty-free sales since 2009, and growth in duty-free spending outstrips local retail-sales expansion, said Catherine Lim, senior analyst at Bloomberg Intelligence.
The number of outbound Chinese tourists will surge 19 percent to 139 million this year and rise to 164 million in 2016, which will boost global duty-free and travel-related retail sales, Lim said.
Last year, Chinese tourists spent more than $163 billion on overseas shopping.
Chinese spending on tax-free shopping could hurt the country's retail sales, Lim said. Last year, Chinese duty-free spending grew 18 percent, faster than the 12 percent rise in domestic retail sales, based on Bloomberg Intelligence.
Chinese visitors to Japan surged 113 percent from a year ago in April, the 19th straight month of more than 40 percent growth as weaker yen fell against Chinese currency, data from Bloomberg Intelligence.
With South Korea grappling with MERS and other countries easing visa restrictions, Japan and other nations will draw more Chinese visitors, Lim said.
dacare This entry was posted on July 16th, 2015 at 10:05:58 am by dacare and is filed under News of China.