Chinese visitors turned out to be the biggest buyers of luxury goods, including designer fashion apparels and leather garments, at the Golden Week held in Hong Kong earlier this month. Thus, Chinese people have replaced the Japanese and Europeans as the world's largest consumers of luxury items abroad.
Average spending of Chinese visitors on buying luxury goods at the Golden Week was between 2000-8000 euros, the World Luxury Association reports. Designer fashion and leather goods formed a major part of the luxury items purchased by the Chinese.
Around 400 groups from mainland China visited Hong Kong every day during the Golden Week, according to the statistics of Hong Kong Border Inspection Station. During the seven-day Chinese holiday period, the number of mainland visitors to Hong Kong was more than 700,000.
Data from the World Luxury Association reveals that during the seven-day period, tourists from mainland spent 4.2 billion Hong Kong dollars (about 3.5 billion Yuan). Per capita consumption was 4000-8000 Hong Kong dollars, which was mainly on fashion, bags, cosmetics and perfumes that together accounted for 71 percent of their expenses.
In comparison, the spending on luxury items in mainland is very less. Expenses on luxury goods consumption in Beijing and Shanghai are only 17.6 percent of the spending in Hong Kong, when calculated in terms of RMB. In Hong Kong's neighbouring provinces of Shenzhen and Guangzhou, the sales of luxury brands are just 4 percent of the sales in Hong Kong.
Fibre2fashion News Desk - India
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