Mainland Chinese consumers made more than half of their luxury purchases last year overseas. In fact, the growing presence of Chinese outbound tourist-shoppers is becoming a significant part of luxury retail, in major destinations like Paris, London and New York.
Member’s only private network, Affinity China, offers exclusive luxury lifestyle events and unique travel opportunities to its members as they travel beyond China. The group recently launched China Luxury Network (CLN), to provide global luxury brands with market intelligence, strategic advice and possibilities for engagement with China’s emerging luxury consumer, both inside and outside of the country.
According to it’s debut report, the rise of individual tourism among wealthy Chinese is a key trend that luxury brands can’t afford to ignore. The report found that group travel from China – which has defined Chinese outbound travel since its first stirrings in the 1980s – is now on the wane, as 72 percent of China’s outbound tourists now prefer individual “high-end” travel experiences.
“ In order to meet the more sophisticated needs of Chinese outbound tourists, global brands need to be attentive to insights into China’s fast-emerging luxury consumers ”
“In order to meet the more sophisticated needs of Chinese outbound tourists,” the study concluded, “global brands now, more than ever, need to be attentive to insights into China’s fast-emerging luxury consumers.”
Understanding not only what well-heeled Chinese tourists want to buy on their overseas trips but when they travel is another “must” for global brands and retailers. At CLN’s inaugural symposium, three major “exoduses” of Chinese outbound travelers were highlighted: Chinese New Year (January 23 – 25), China Labor Day Holiday (May 1 – 3) and China National Day Holiday (October 1 – 3).
Remarking on the importance of understanding annual travel and consumption trends, Sage Brennan, co-founder of China Luxury Network, said, “Reaching the Chinese consumer is not just about launching retail locations in China. Chinese consumers have gone global, and expect brands to recognize their preferences and treat them appropriately.”