The economic impact of Chinese traveling overseas is now a closely followed topic in the media. Here are some recent stories following the recent Chinese New Year travel period.
China’s consumers are coming under fire for doing their shopping overseas at a time when the country is trying to build up consumption on its home turf. Read more at WSJ.
A leap in spending by Chinese tourists helped curb a decline in total spending by overseas visitors to New Zealand to just 6 percent last year, the country’s Ministry of Business Innovation and Employment announced Tuesday. Read more at Global Times.
As yet another manifestation of China’s well-documented “rise,” Chinese travelers are now taking the world by storm. Nowhere is that more evident than in the top tourist cities and surrounding suburban areas in North America — all the more so this week during the Chinese New Year holiday when Chinese tourism to the U.S. traditionally spikes. Read more at HuffPo.
Chinese tourism and technology companies advanced after the week-long Lunar New Year holiday, while liquor companies fell as retail sales growth slowed. Read more at Bloomberg.
The surge in tourist spending offers an elegant solution to one of the economy’s structural problems — a way for the U.S. to tap into the growth in emerging markets while exploiting its own strengths, including its popular culture, its safety, and its large service workforce. Read more at Fortune.
While Paris, Milan and Hong Kong are well-known to affluent Chinese, some of them are tiring of the usual luxury enclaves. Read more at WSJ.
But the US is far behind other countries when it comes to welcoming Chinese tourists, or anyone else for that matter: America’s share of the world travel market is 6.4%, down from 7.5% in 2000, according to the United Nations. The US still led world traveller spending with an 11.3% share in 2011 (pdf)—but that’s a third less than it was in 2000. Read more at Quartz.
Chinese consumers spent $85 billion abroad in 2012, a healthy chunk of a massive industry. If China were to lower taxes on luxury goods, as the government has publically considered doing in the past, then high-end hotels and destination restaurants could quickly feel the hurt. Read more at HuffPo.