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Chinese tourism to Europe saw highest gains since July 2015

Chinese tourism to Europe saw highest gains since July 2015



Growth in spend of 37% by Chinese tourists in April not only surpassed the rates of growth seen in the first quarter of 2017, but also represented the highest gains seen since July 2015.

15th May 2017.

 

Growth in spend of 37% by Chinese tourists in April not only surpassed the rates of growth seen in the first quarter of 2017, but also represented the highest gains seen since July 2015.

 

The inhibiting factors that affected Chinese tourism to European destinations in 2016, such as biometrics and safety concerns, have to a degree dissipated in 2017 and since unleashed a new wave of tourism and spending by these tourists. With the exception of Germany, the main European destinations continued their resurgence, with alternative destinations continuing to gain popularity, with gains of 60% in April.

 

Whilst a proportion of tourists will likely have diverted travel intentions amid hostilities with South Korea, a recent report by BNP Paribas highlights the price differential of luxury goods, serving as a reminder as to why Bain & Co. once labelled Europe “the world’s largest in-season outlet”. The report highlights that luxury goods in China cost about 21% more than the global average, whilst in France and Italy they cost about 22% less, predominantly due to Chinese taxes and duties, foreign exchange rates, and distribution costs for brands in China.

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