However over 80% of China’s luxury purchases occur outside of China, from Chinese tourists' purchases abroad. The growth in Chinese tourists is likely to further promote the growth of China’s luxury market because Chinese traveling abroad will increase their brand name recognition. Also, recently the Chinese government doubled the amount of funds Chinese tourists are allowed to bring abroad. As more countries like France and Italy become favorite destinations of Chinese tourists, they will learn about even more luxury goods.
Right now, China’s largest group of luxury goods consumers are between 20 and 30 years old, which means they have many traveling years still ahead of them. A recent survey of young China urbanites showed that over 60% believe that one should "enjoy life now" and thus it is appropriate to spend more on high quality items. |
