Retail in Asia

In Sectors

Chinese tourists’ luxury spending soars, says Global Blue

Chinese tourists spent a record amount on luxury goods last month, helped by shopping sprees in Europe as the weak euro made items cheaper than at home, VAT refund company Global Blue said.

Spending by Chinese tourists, the biggest buyers of luxury goods, soared by 122 percent in March after a 52 percent rise in February, bringing the increase for the first quarter to 67 percent, Global Blue said in a report published on Monday.

This compared with a rise of 32 percent in the fourth quarter and 18 percent in 2014. Many Chinese tourists have stayed away from luxury hot spot Hong Kong – where big brands have invested significantly in new shops in recent years – following pro-democracy protests last year.