Chi­nese con­sumers spent $183 bil­lion abroad

China Daily (Canada) - - NEWS CAPSULE -

Chi­nese con­sumers spent 1.2 tril­lion yuan ($183 bil­lion) abroad last year.

More than 60 per­cent of the con­sumers bought lux­ury prod­ucts — in­clud­ing hand­bags, cos­met­ics and mo­bile gad­gets — spend­ing $116.8 bil­lion on them, the Bei­jing-based For­tune Char­ac­ter Group said. Ac­cord­ing to the Min­istry of Com­merce, Chi­nese con­sump­tion power over­seas grew on av­er­age by 27.8 per­cent an­nu­ally be­tween 2005 and last year, dou­bling such power in the do­mes­tic mar­ket.

Jiang Yiyi, di­rec­tor of the China Tourism Academy’s In­ter­na­tional Tourism De­vel­op­ment In­sti­tute, said, “Con­ve­nient trav­el­ing con­di­tions, the ap­pre­ci­a­tion of the yuan and at­trac­tive for­eign retail and tourist mar­kets pushed Chi­nese to buy more for­eign prod­ucts in both phys­i­cal stores and on­line shops.”

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