Despite the fact that a growing number of Chinese are traveling overseas, with 98.19 million tourists in 2013 and 19% more online travel bookings growing in Q2 2014. A recent chart from the Wall Street Journal, shows that the trend of outbound Chinese tourist shopping boom in Europe and Hong Kong is reversing.Indeed, the chart shows that the: growth rate for shopping tax refunds claimed by Chinese travelers to Europe fell from 80% in 2010 to 20% in 2013. While jewelry and luxury sales in Hong Kong are in negative growth since April this year when they dropped 40%This drop may be explained by lot of reasons according to luxury-goods sellers and industry analysts:
- The sustained anti-corruption campaign launched by the Chinese government to tackle the corruption issues earlier this year might be largely responsible for the fall of luxury goods consumption.
- A change in the Chinese tourists’ favorite destinations, shifting their interest to South Korea, Japan and the United States.
- Tension between Hong Kong and mainland China, which is keeping tourists away and mainland tourist arrivals in Hong Kong fell 2%, hurting luxury-goods sales during on May holiday, the usual huge shopping period.
- The strong euro