New | Weaker euro spurs bargain hunting among Chinese tourists

With the Lunar New Year approaching, millions of cashed-up mainlanders are drawing up shopping lists for luxury purchases abroad - and after the euro's decline against the yuan, those lists might get longer.

Europe is this year tipped to be a top destination for Chinese shoppers, especially as the favourable exchange rate makes prices more appealing at the high-end stores of the continent's fashion capitals.

The single currency of the euro zone has slid more than 15 per cent against the yuan since May last year, figures from the People's Bank of China show.

The euro dropped below the 7 yuan level for the first time on January 23 following the European Central Bank's announcement that it would launch a quantitative easing programme to spur growth in the region. On Friday, the euro was trading at 7.15 yuan.

The weaker euro is expected to prime Chinese tourists for a bumper shopping spree during the mainland's golden week holiday from February 18 to 24.

Ctrip Group, China's largest online travel agency, said the number of mainlanders booking air tickets and hotels for a European holiday during the spring festival had doubled from that of last year, and bookings for group tours to the continent had jumped 50 per cent.

Cindy Jia, an office worker in Chengdu, Sichuan province, plans to go to Switzerland and Germany with her family just two months after she visited the countries on a business trip.