Published
Sep 29, 2015
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Overseas Chinese spending to double by 2020

Published
Sep 29, 2015

According to a new report by China Luxury Advisors and the Fung Business Intelligence Centre, total overseas spending by Chinese tourists will grow 23% this year to $229 billion. By 2020, the same figure will nearly double to reach $422 billion, found the report.

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The farther Chinese tourist traveled the more money they spent in the year ending May 21, 2015, concluded China Luxury Advisors, with Hong Kong being the most popular destination beyond mainland China. Asian travelers spent an average of $2,555 each on trips to the US, outpacing Europe ($2,548) and a global average of $1,678.
 
234 million Chinese are projected to travel globally by 2020, which, according to CLA co-founder Sage Brennan "means that the retailers and brands with the highest consumer awareness will be the long-term winners of the hearts and wallets of the all-powerful Chinese traveling shopper." 

The "Global Chinese Shoppers: The $200 Billion Opportunity" report analyzes a proprietary survey of the travel and spending habits of more than 1,000 Chinese citizens, combining these findings with economic and tourism growth projections.

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