Chinese tourists splurge $260billion on luxury goods

Chinese tourists splurge $260billion on luxury goods

Chinese people spent 1.2 trillion yuan ($A258.55 billion) while abroad last year, the Xinhua news agency reports.

Sixty per cent of the money spent went on luxury goods, the report said, citing Fortune Character, a consultancy on luxury goods markets.

Chinese spending on luxury goods was responsible for 46 per cent of the world total, it added.

Almost 80 per cent of the purchases of luxury goods took place abroad because of lower prices there.

According to the latest figures, in 2013 China was Australia’s second biggest inbound market for visitor arrivals and the largest market for total expenditure.

Chinese visitors spent $4.8 billion in Australia in 2013, according to Tourism Research Australia. It says the potential China market could reach $9 billion by 2020.

Image credit: iStock

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