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Chinese to spend +$100bn in ‘this’ Golden Week

6m Chinese forecast to spend +$100bn in ‘this’ Golden Week

The Premier Tax Free shopping company reports that record numbers of Chinese tourists are expected to visit the UK in this Golden Week (1–8 October) and it predicts they will spend even more than last year’s $99.6bn total globally over the same period.

The tax free refund company says that this year’s high volume of long-haul Chinese travellers will be stimulated by Golden Week falling immediately after the weekend, enabling many visitors to travel over the weekend to maximise their holiday time in Europe.

SEE ALSO : Global Blue links with EuroPass,WeChat to boost Chinese tourist spend in Europe

The tax free company says its latest Premier Vision report shows that Chinese tourists make up a significant proportion of tax free shopping across all of the top five European countries, with France (21%), the UK (30%), Italy (35%) and Spain (41%) already all reporting noteworthy year-on-year increases in tax free sales in 2017.

Premier Tax Free says luxury continues to be important, but Chinese also increasingly care about product provenance and retailers who demonstrate good cultural awareness.

It also adds that its more recent research shows that of those Chinese tourists planning to visit Europe in the next six months, 19% say they will visit Paris and 15% are headed to London.

The data shows the majority (60%) of Chinese tourists arriving in the UK head to London’s most famous shopping streets to purchase their luxury goods, while one in five (20%) head to Bicester Village.

Regent Street is said to be the most popular destination in London, followed by Bond Street and Oxford Street. Edinburgh, Manchester, Glasgow and Birmingham. Meanwhile, in France, Paris, Serris and Cannes top the spend tables, with Milan, Rome, Florence and Venice the main Italian cities of choice for Chinese tourists.

Premier Tax Free says that its latest research shows that Chinese tourists still allocate most of their holiday budget to shopping (27%) and continue to demonstrate a love of luxury in their transaction behaviour. However, it cautions that while they spend a lot in a short space of time, they continue to be cost-conscious and look for variety in product ranges.

As is well known, the company adds that ‘heritage, authenticity and quality’ remain very important to Chinese tourists who are often concerned about the provenance of the goods they seek to buy. They also continue to make clear associations in terms of mixing certain products with destinations.

SEE ALSO : WeChat tax refund solution aids Chinese shoppers

Premier Tax Free states: “For example, they associate the UK with High Street clothing offers, while Italy is the destination of choice for handbags and luggage and France for luxury clothing.A retailer demonstrating cultural awareness is also crucial and our research shows that the availability of Chinese-speaking staff is a motivation to spend more when abroad.”

The company says that its latest research also shows that 84% of Chinese tourists use tax free services and 72% claim it encourages them to spend more.

(Source: TR Business)

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