GRAPHIC: Chinese luxury spending: reut.rs/1ywRU5X
By Adam Jourdan
SHANGHAI, Jan 20 From Paris to New York, purveyors
of luxury goods are teaching staff Mandarin, offering
traditional New Year "hongbao" gifts and flocking to social
media sites as well-heeled Chinese tourists pack their bags to
ring in the Year of the Goat abroad.
Chinese shoppers spent around 380 billion yuan ($61.13
billion) on luxury products worldwide last year, with spending
outside China up 21 percent even as domestic sales of high-end
brands dipped for the first time due to a government clampdown
on excessive gift-giving, according to a report from consultancy
Bain & Co on Tuesday.
Tiffany & Co, Macy's Inc, Prada SpA
and Christian Dior SA have made moves to woo Chinese
shoppers, who spend far more on luxury brands abroad than at
home due to greater variety, lower prices and favourable foreign
exchange rates. Top destinations include South Korea, Japan,
Britain, France, Italy, Germany and the United States, a 2014
report from the World Tourism Cities Federation shows.
"Travelling Chinese shoppers are the alpha consumers of
global commerce today, with pent-up demand for high-quality
goods at home leading them to overindulge in spending abroad,"
said Sage Brennan, CEO of U.S.-based China Luxury Advisors.
The annual Lunar New Year holiday, which starts on Feb. 18
this year, is a high season for consumer spending. Last year,
the week-long holiday drew around 200 billion yuan of spending
by Chinese shoppers using top Chinese bank card UnionPay,
according to the Chinese payment provider. That was an increase
of 23 percent over 2013, and included spending abroad.
($1 = 6.2160 renminbi)
(Editing by Ryan Woo)