Chinese consumer confidence rises during 'Super Golden Week'

Chinese consumer confidence has grown this year following the slowdown of Chinese retail consumption in Europe throughout 2016, offering more chances for luxury retailers.

This year's Chinese Golden Week in October coincided with China'a traditional mid-autumn festival, resulting in the 'Super Golden Week'. An estimated 710 million Chinese visitors went travelling, with 6 million going overseas, according to data from Global Blue. However, although the number of Chinese travellers continues to rise, tour group traffic is said to be on the decline, as the country's tourism market matures.

Rather than seeking out tour packages and 'custom' holidays, more and more Chinese tourists are keen to soak in the culture of their chosen destination by travelling alone. More classic European capitals welcomed more Chinese travellers between January to September 2017 compared to the previous year, with London reporting a 16 percent increase in Chinese tourists according to ForwardKeys.

This surge in Chinese visitors reflects the growth in consumer confidence, as well as appeal the weekend sterling represents for Chinese tourists. In addition, Chinese visitor numbers for new destinations, which are less known for their retail and shopping destinations, as the Czech Republic welcomed 50 percent more Chinese travellers between January and September 2017.

However as Chinese travellers attitudes towards travelling shifts, as does their attitudes towards spending, as research shows more emphasis on experience and less on shopping. Since 2011 Chinese Globe Shoppers' tax-free spending has quadrupled.

Over the past 12 months, infrequent Chinese travellers (those who travel less than twice a year) represented 92 percent of total Chinese Globe Shoppers in Europe and 62 percent of the top sales-in-store numbers. In comparison, the most active travellers (who travel more than 4 times a year) represent only 1 percent of Chinese Globe Shoppers and account for 22 percent of sales-in-store in Europe.

Photo: Courtesy of Global Blue