The Chinese spent US$ 7.2 Billion while ringing in the year of the Dragon during overseas trips.

The Chinese spent US$ 7.2 Billion while ringing in the year of the Dragon during overseas trips. 

According to the Chinese Zodiac this is the Year of the Black Water Dragon, but it might as well be called the Year of the Bling Bling Dragon. Chinese luxury consumers spent about US$ 7.2 billion while on holiday trips outside  of China during the seven-day Spring Festival also known as Chinese New Year. The amount spent was much higher than the estimated US$ 5.7 billion and it is a 28.6% jump year on year. 

Europe remained the top destination for luxury shopping during the holiday with a 46% market share. Chinese tourists accounted for 62% of Europe’s luxury sales, a year on year rise, according to a World Luxury Association survey. 

Hong Kong, Macau and Taiwan occupied a 35% market share with Chinese mainlanders contributing to 69% of their sales; North America took the remaining 19% share with Chinese travelers contributing one-third of its sales.

So what is your company doing to capture some of this market share?