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Paris is top luxury shopping destination for Chinese consumers
April 11, 2016
According to a study conducted by Boston Consulting Group, for the first time, Paris overtakes Hong Kong to be the top favorite luxury shopping destination.
For the first time, Paris overtakes Hong Kong to be the top favorite luxury shopping destination, according to a study conducted by Boston Consulting Group.
While proximity has traditionally made Hong Kong the first choice for luxury shopping, this year more Chinese tourists are expected to take advantage of the weak euro to make their way to the city of light. The study also showed that 33% of global luxury shoppers are Chinese and 3/4 of their spending is done abroad. Below is the snapshot about their reasons to choose Paris:
Nearly 25% of Chinese respondents said they buy luxury goods abroad because they can find various selections.
60% said the reason behind their choice is the attractive prices due to the decreasing value of euro
39% responded that they appreciate the variety of products sold in Paris.
30% find shopping experience in Paris superior to elsewhere. The same percentage of respondents stated that they want to buy goods in the country where they are made.
Consumer spending among the Chinese rose from €70 billion in 2012 to €100 billion in 2015 (in which 35 billion in Europe, 14 billion in the U.S and just 23 billion in their own territory)
However, in comparison with the period 2012-2015 when the growth rate of consumer spending was 12.6%, the period 2014-2015 saw some stagnation. To boost Chinese spending, brands need to attract the 65% clients of the 80’s and 90’s generations to a different shopping habit, particularly digital.
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