Summary of our findings 3
— Luxury consumption has been slowing in China ...................................................3
— Getting to grips with the tourism phenomenon......................................................3
— Stock implications ................................................................................................4
Setting the scene 5
— Organic sales growth has been slowing in Asia....................................................5
— There are a number of “domestic” reasons….......................................................5
— …and tourist activity has been rising ....................................................................6
— We expect the trend to continue...........................................................................7
— Can it be reversed?..............................................................................................7
Outbound tourism will stay high 9
— Summary .............................................................................................................9
— Outbound tourism is increasing strongly...............................................................9
— Where are Chinese tourists travelling to?...........................................................11
— How are Chinese tourists travelling? ..................................................................19
— Why are the Chinese tourists travelling? ............................................................21
— A few words on business travellers ....................................................................22
Luxury shopping to stay key 24
— Summary ...........................................................................................................24
— First and foremost, the Chinese enjoy shopping.................................................24
— Why do Chinese tourists shop abroad?..............................................................27
— Where do Chinese tourists shop abroad?...........................................................30
— How do Chinese tourists shop/pay abroad? .......................................................35
Can it be reversed? 38
— Summary ...........................................................................................................38
— Raise prices in Europe/cut prices in China .........................................................38
— Draw Chinese consumers back into local stores ................................................39
— Focus on “made-to-measure” products...............................................................39
What’s hot and what’s not? 41
— A snapshot.........................................................................................................41
— 1. Jewellery........................................................................................................42
— 2. Watches.........................................................................................................43
— 3. Handbags.......................................................................................................44
— 4. Designer clothes ............................................................................................45
— 5. Designer shoes ..............................................................................................46
Methodology of the survey 47
— Who are the respondents?.................................................................................47
— What have we asked the respondents?..............................................................48