Chinese tourists already represent the largest spending nationality in the world, outspending the perennial global leaders from Germany in 2012, dropping a total of US$102 billion on overseas trips compared to just US$84 billion by their German counterparts. According to a recent report by CLSA, the number of outbound Chinese tourists is expected to double and their spending is expected to triple by 2020.
China’s luxury marketplace has become a strategic operational imperative for global prestige brands. The challenge facing Western brands is learning to approach emerging Chinese global consumers as equals, understanding their unique worldview and embracing their newfound empowerment. However, simply opening your doors to Chinese tourists is not enough to make them spend their hard-earned renminbi. Winning over Chinese consumers requires looking at the China consumer opportunity on a global basis, not country by country.
On Thursday, February 27, at 11:00 a.m. U.S. Eastern Time, Jing Daily and China Luxury Advisors will host a webinar to provide essential and actionable guidance from primary research and data with the goal of aligning your organization’s resources to address this tremendous opportunity and creating tactical strategies for attracting, converting, and retaining the valuable Chinese consumer.
Click here to register, and stay tuned for news of a new report we’ll be releasing with even more insights on the global Chinese consumer.