In April, some 62% of luxury spending by Chinese consumers took place inside its borders. Read more at straitstimes.com.
But in a pandemic-era shift, they areeven with mainland borders open again – and the consequences for foreign destinations and brands once reliant on deep Chinese pockets could be dire.
Though Chinese tourists are slowly travelling abroad again, analysts surveyed by Bloomberg say the share of their shopping taking place overseas would not be returning to its heyday. The retail market in Asian destinations popular with Chinese shoppers “will see a flatter recovery trajectory and take longer to recover back to pre-Covid levels compared to other travel industries,” she added, and “should consider exploring alternative source markets and diversify their customer base for growth”.
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