Opinion / Top 2019 trends to look out for in luxury shopping and travel among Chinese consumers
The number of independent travellers will grow, the price gap between luxury goods in China and the world will shrink, and China’s online resource Little Red Book will become a greater part of overseas shopping research
This article is originally written by Renee Hartmann for Jing Daily
The year 2018 saw intense change in cross-border China retail, marked by rapidly evolving consumer trends as well as enhanced services and solutions to delight global Chinese shoppers.
As the co-founder of China Luxury Advisors (CLA) – a global consultancy that advises and works collaboratively with luxury brands, tourism boards, destinations and upmarket retailers on their China consumer strategies – we expect to see continued growth in the number of Chinese overseas travellers in 2019, but also anticipate accelerated changes in key consumer travel behaviour and spending patterns.
We expect the number of outbound Chinese tourists to increase, but the average spending amount per trip could continue to decline slightly.
Global brands and retailers will be watching market trends like these, but the industry will also increasingly look towards governments around the world for hints at forward-looking trends such as China’s crackdown on daigou (personal overseas shoppers), the US-China trade war, Beijing’s economic policies, changes in tourist visa policies, and exchange rate fluctuations.
But with fewer than 10 per cent of Chinese citizens holding passports, one thing is certain: spending by Chinese travellers is positioned for long-term growth. The Chinese domestic luxury market is expanding rapidly – posting greater than 20 per cent growth for each of the last two years.
And the impetus for buying overseas is constantly shifting, requiring brands and retailers to innovate and optimise their global offerings to retain a share of this hotly contested market.