Chinese consumers spent $183 billion abroad
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.”