China Tourist Luxury Spending to Increase 30%
May 25 (Bloomberg) –- Pierre Lagrange, a fund manager at GLG Partners LP, talks about investment strategy in China and Europe. He speaks in London with Mark Barton on Bloomberg Television’s “The Pulse.” (Source: Bloomberg)
Chinese tourists are expected to spend 260 million pounds ($420 million) on luxury products in visits to the U.K. in 2011, up 30 percent from a year earlier, said Bruce Dundas, president of retail adviser London Luxury.
“China is a hugely emerging market in terms of traveling,” Dundas said in an interview today in Shanghai. “We have an enormous increase of visitors over the last two to three years and an enormous increase in spend.”
London Luxury offers advice on Chinese consumers to about 300 luxury-goods retailers in the city’s West End district, including Burberry Group Plc (BRBY), the U.K.’s largest luxury retailer, and LVMH Moet Hennessy Louis Vuitton SA, the world’s largest maker of luxury goods, he said. It also provides services such as heritage tours to high-end tourists visiting the city.
Chinese shoppers spend an average of 600 pounds per transaction in the U.K., he said.
Customers from the Greater China region, which includes Hong Kong, Macau and Taiwan, will account for 44 percent of global luxury-goods sales by 2020, up from 15 percent now, CLSA Asia-Pacific Markets forecast in January.
To contact the editor responsible for this story: Frank Longid at flongid@bloomberg.net
Rate this Page