Mainland tourists account for nearly half of global luxury goods purchases; China to become top travel spender by 2016

▲ Mainland tourists travel the world and bring home high-end goods from every corner of the globe. (Photo / Dashijia Image / AP)

Travel Center / Comprehensive Report

A mainland luxury goods report reveals the astonishing purchasing power of Chinese tourists, who bought 47% of the world’s luxury items, spending a total of $102 billion on them. Additionally, as the global economy remains sluggish, China is rising rapidly, and the Global Business Travel Association predicts it will surpass the U.S. as the world’s largest business travel spender by as early as 2016.

In 2013, the total value of the global luxury goods market was $217 billion, with Chinese tourists contributing $102 billion—meaning nearly half of all luxury goods went home with them. Whether at overseas or domestic showcases, large crowds of Chinese tourists can often be seen splurging on high-end items.

With China’s economic growth and the increasing frequency and expenditure on business travel, the Global Business Travel Association reports that based on statistics, Chinese business travel spending will rise by 14% this year, 17% next year, and is expected to surpass the U.S. by 2016 to become the world’s largest business travel consumer market.

Mainland tourists also make a significant contribution to Taiwan’s tourism revenue. Since Taiwan opened to mainland tourists in 2008, they have generated over NT$400 billion in income. Furthermore, in August, the government added seven new cities—including Changchun and Changsha—for independent travel, bringing the total to 26 cities and a population of 200 million. There are also plans to increase the daily cap of independent travelers from 2,000 to 3,000.