Overseas travel leads to spending surge
Chinese consumers are spending more on dining, hotels and entertainment because of increased overseas travel, according to a report.
That spending surged more than 60 percent in the past three years, according to UnionPay International, a unit of China UnionPay Co Ltd. The company surveyed Chinese consumers in more than 140 countries and regions. The research showed the compound annual growth rate of Chinese consumers’ spending on dining in the past year was more than 65 percent, while entertainment spending was more than 60 percent.
Luxury brands remain a major purchase for Chinese consumers overseas, the UnionPay report said. Chinese consumers are more willing to travel far and wide. In 2013, there were 97 million trips overseas by Chinese with spending of $102 billion, according to data from the China National Tourism Administration.