Chinese Tourists Are Almost Single-Handedly Propping Up Europe's Luxury Goods Market

chinese tourists

Photo: Flickr via zoetnet

While Europe’s economies are suffering, Chinese tourists are in no small way helping alleviate the continent’s financial pain, reports Harvey Morris for the International Herald Tribune.Last month, Chinese visitors to Europe spent $7.2 billion on luxury goods, according to the World Luxury Association, and last year the Chinese were responsible for buying 62 per cent of luxury goods sold on the continent, Morris reports.

In fact, Chinese tourists might be more interested in luxury purchases than sightseeing, and Europe is doing its best to exploit this. A plate at Cambridge was made to commemorate a Chinese poet who studied at the university, for example.

France and Italy, part of the Schengen area, which allows easy international travel, are the top destinations, Morris reports. Britain is not a part of the Schengen area.

Analysts have predicted that by 2015, 4.5 million Chinese tourists will have visited Europe, while by 2020 the number will increase to around 8.6 million, Morris reports.

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