How much is half of the market
by Welcome Chinese
China Market Outbound trends
china Fortune Character retail Welcome Chinese
According to the Beijing-based Fortune Character Group, Chinese consumers spent €164 billion (1.2 trillion yuan) abroad last year, a number up from €148 billion in 2014. Luxury products gained the most of the attention: more than 60% of the consumers bought accessories such as cosmetics, handbags and mobile gadgets. The result has been an astonishing 46% of global luxury sales made by Chinese consumers.
The majority of purchases were made overseas, during trips, where high-end products are not exposed to heavy taxation. The China Chamber of International Commerce found that the prices of 37 high-end consumer goods were between 40% and 68% higher than for the same products in Germany, United States and France.
In view of a overseas growth of Chinese consumption by an average 28% annually during the 2005-2015 period – as stated by the Ministry of Commerce in Beijing –, the China Tourism Academy released an announcement saying that the factors behind the surge have been the appreciation of the yuan, the improved traveling conditions and attractive foreign shop and tourist markets.
The Fortune Character Group includes cosmetics and mobile gadgets among luxury products.