Chinese Overseas Shopping Hits Record High

Release time:2013-04-08      Source:admin      Reads:
Tax refund service provider Global Blue said on Thursday that the amount of Chinese tourists' overseas shopping it has handled hit a record high in 2012.
Arjen Kruger, chief marketing officer of Switzerland-based Global Blue, said the company handled 24.4 billion yuan ($3.9 billion) worth of goods Chinese consumers bought overseas last year, a 58-percent year-on-year surge. China has been seen as an active and potential consumption country in the global market that has brought a great deal of money for some developed economy countries. Products popular purchased in overseas market include high-end bags, superb watches, jewelry set with unique designed jewelry cards, etc.

Kruger told a news briefing that Global Blue collected the figures from 38 countries, mainly in Europe and Asia, where it helped Chinese visitors to do the tax refund.

He said his company has a share of nearly 90 percent of the tax refund service market. Based on his figures, Chinese consumers' spending on overseas shopping last year is estimated to be some 27 billion yuan.

According to Global Blue's survey, 82 percent of Chinese tourists see shopping as a vital part of their trips overseas. When Chinese goes shopping from one store to another with many shopping bags, foreigners seemingly shock at this phenomenon. They may not understand why Chinese have a crazy interest in luxury goods. But due to high imported tax on luxury goods in China, Chinese is forced to go abroad to purchase the luxury at relatively lower prices. Renowned brands products including bags, jewel with jewelry cards, perfume, watches and fur coats are the hottest in overseas market.

France, Germany and Singapore ranked as the top three favorite destinations of Chinese tourists. Luxury brands, including jewelry adorned with jewelry cards, watches and clothes, took up 60 to 70 percent of Chinese people's shopping list last year.

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