Chinese New Year is no longer the biggest spend period for Chinese shoppers, new research has shown.
Over the next 90 days, global spend by Chinese shoppers is expected to be 15% less than the last quarter of 2019, which included Golden Week and Christmas, tax-free shopping expert Global Blue reports.
Global Blue is anticipating a short surge in shoppers over the Chinese New Year period which runs from the end of January until mid-February as latest data from Forward Keys, the global tourism and travel experts, indicate that hotel and flight bookings are up 18% in comparison to 2019.
However, it expects growth in the Chinese New Year period to a less significant margin in comparison with 2019, when the UK saw a strong 13.44% growth in sales in store as well as a 21.7% growth in transaction volume compared with the equivalent period the year before. This is a result of to the conservative consumer behaviour being exhibited by shoppers from Hong Kong, whose growth was down -1% in December 2019 for the first time in 11 months.
Last year, shoppers from China, Hong Kong, Macao and Taiwan completed 41,809 transactions, with an average spend of £1,104. Insight from Global Blue indicates that the most popular purchases over the Chinese New Year period will be seen across the luxury fashion and leather goods sectors, while South-East Asian shoppers are indicated to splurge most on watches and jewellery.