Wealthy Chinese are still the top buyers of luxury products across the world, unmindful of the country’s economic slowdown as they travel around in search of deals, a poll released on Oct. 29 showed.
According to a survey conducted by consulting firm Bain and released by the Altagamma association of Italian luxury producers, global sales of personal luxury goods are expected to increase by 13 percent to 253 billion euros ($277 billion) this year, after two years of modest 3 percent growth.
The study showed that Chinese consumers account for a third of spending on high-end apparel, jewelry, handbags and shoes, with spending growing stronger compared to other nationalities.
Results of the poll also showed that this year's Chinese stock market plunge has affected consumer confidence more in the United States than in China, as only 20 percent of Chinese spending is done at home and they do shopping sprees in foreign countries.
Claudia D'Arpizio, a senior partner at Bain, said that it is difficult to predict where Chinese shoppers will go, but Paris, London and New York have been popular destinations. She added that Chinese shoppers "have zero country loyalty," unlike U.S. and European shoppers who have their favorite destinations.
The report said that following the devaluation of the yuan in August, traveling and shopping abroad had become more expensive for Chinese. But now, they are drawn to Europe as the euro is weakening, while the strong dollar has made the U.S. a less attractive destination.
The study indicated that for Chinese shoppers, Tokyo is the primary destination, while Moscow is another favorite, whose currency has been weak this year. Australia is also popular among Chinese shoppers.
The report, however, said that one of the consequences of the trend is that shops increase the prices of luxury goods to take profits from traveling Chinese shoppers.