Chinese overseas spending by travellers will reach US$80 billion this year
Chinese overseas spending by travellers will reach US$80 billion this year, up from US$72.6 million in 2011, according to The 2012 China Luxury Report released by Fortune Character Institute yesterday in Shanghai. The number of Chinese outbound travellers is expected to reach 77 million by year end. Overseas destinations (i.e. excluding Hong Kong and Macau) now lead the way for Chinese luxury shopping abroad with Europe accounting for 23% of spend in first place, ahead of the USA with 10%. Japan will fall away to 3% this year.
adapted from The Moodie Report China