With 600 billionaires and 2.8 million millionaires, Chinese tourists are taking over the world by storm.
In 2013, the number of tourists from China visiting Singapore rocketed to 1.5 million, up by 23%, recorded from January to September, according to the Singapore Tourism Board. This increasing trend begins in 2009, from 48 million visitors, it increased to 57 million in 2010, a 20.4% increase. 70 million in 2011 (22.4%), 83 million (18.4%) on 2012 to over 97 million outbound travels in 2013, an 18% increase.
From April 2011 to February 2012, a Chinese tourist spends $8,757 in Singapore, with an expenditure of only $7,221 in Italy.
A whopping 1.86 billion Singaporean Dollars, an increase of 18% from 2012, was recorded on total receipts from Chinese tourists. Singapore shopping raked it the biggest revenue from Chinese tourists, known for its vast selection of luxury brands. Timepieces and jewelry are atop the luxury items listed to be purchased by Chinese visitors, Singapore now even beating Switzerland, one of the pioneers of upscale watches, on timepiece revenues. Other luxury items the Chinese spend money on being designer bags like Louis Vuitton, Hermes, Chanel and Cartier.
Singapore’s strong position towards Chinese global shoppers is mainly due to its great choice and variety of luxury brands – particularly in Handbags, jewelry, watches and accessories – as well as its geographical proximity. Chinese shoppers also have better chances to get discounts here instead of travelling all the way to Europe.
These days, Chinese travelers are increasingly sophisticated, focusing on price, style and design and product quality when making luxury purchases. Compare to 10 years ago, the Chinese travelers have surpassed the Japanese when it comes to luxury spending.
The Great Singapore Sale, Formula One races, World Gourmet Summit, and Christmas Sales are just some of the major events that will continue to attract luxury spenders from China, both first timers and returning tourists back to Singapore
Image courtesy: Reuters