Chinese tourists to drive luxury products market
Updated: 2014-02-21 14:47
(Xinhua)
|
|||||||||||
BEIJING -- Buying luxury products is one of the major reasons for Chinese to travel abroad, a sign that the country's increasingly rich population will boost worldwide luxury sales, the China Youth Daily reported on Friday.
|
|
In comparison, only 12 percent of China's inbound tourists bought luxury goods in 2013.
The report said a high disparity in such products' price tags between the Chinese and overseas markets is the major reason. China charges 30 to 40 percent as tariffs for imported luxury products, raising the price in China.
Tax rebate policies also help drive Chinese tourists' purchases abroad, said the report. It estimated that overall tax rebates from European countries to Chinese tourists can add up to 3 billion euros annually.
Binge shopping is often associated with increases in Chinese outbound travel as many Chinese choose to go abroad during the National Day and Spring Festival holidays, with the two major vacations lasting up to seven days.
A previous report issued by Bain Capital drew an identical conclusion. Of the money Chinese spent on luxury products in 2013, two-thirds of it was spent abroad, it said.
Related Stories
CNBC: Luxury spending drops amid anti-corruption 2014-02-20 13:39
Luxury car for execution ground command: court 2014-02-19 21:31
Is the shine gone from luxury goods? 2014-02-19 08:52
Chinese luxury spending drops 19% during festival 2014-02-14 10:38
Luxury outlets lure Chinese at Lunar New Year 2014-02-08 09:57
Luxury brands need a change of approach 2014-02-07 07:38
Today's Top News
China firmly opposes Obama-Dalai meeting
Biden warns of Ukraine sanctions
Top advisory body prepares for session
Poly Culture plans IPO in HK
Activist for gay rights sues
China lacks innovation
China endeavors to maintain stable growth
Britain pumps up Chinese training
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Death of panda spurs concerns |
Life after glory of victory |
Games bid to boost winter sports |
Sochi Olympics |
Bittersweet Spring Festival |
Find provides grave paws for thought |