chinese tourists in the uk december 28 2016 · 12/28/2016 · one of our key findings is that,...

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December28,2016

DeborahWeinswig,ManagingDirector,FungGlobalRetail&[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2016TheFungGroup.Allrightsreserved.

1) ThenumberofMainlandChineseresidentsvisitingtheUKfellby13.5%inthefirsthalfof2016—butthiswasbeforetheUK’sBrexitreferendumvoteledtheBritishpoundtodepreciateandsomadetheUKamoreappealingdestinationforshoppersfromoverseas.WeawaitdataonvisitornumbersfromChinasincethisdepreciation.

2) Tax-freespendingbytouristsintheUKjumpedfollowingthepound’sdepreciation.DuringChina’sGoldenWeekholidayperiodinOctober,Chinesetax-freespendingintheUKclimbedby58%yearoveryear.

3) Thebounceinspendingfollowedaperiodofweakening:theaverageChinesevisitorcuttheirspendintheUKby14%yearoveryearin2015.Inthefirsthalfof2016,theaveragespendfellfurther,by21%yearoveryear,to£1,649.

4) High-endbrands,suchasLouisVuittonandChanel,haveraisedtheirUKpricestoreducedifferencestopriceselsewhereintheworld.Thesemoveswilltemperanygrowthintouristspendingthatisbeingdrivenbytheattractionofmoreaffordableluxurygoods.Anyupliftinvisitornumbersresultingfromvisitorsflockingtobuyluxurygoodsmaywellhavepeaked.

D e b o r a h W e i n s w i g

M a n a g i n g D i r e c t o r , F u n g G l o b a l R e t a i l & T e c h n o l o g y

d e b o r a h w e i n s w i g @ f u n g 1 9 3 7 . c o m U S : 6 4 6 . 8 3 9 . 7 0 1 7

H K : 8 5 2 . 6 1 1 9 . 1 7 7 9 C N : 8 6 . 1 8 6 . 1 4 2 0 . 3 0 1 6

Deep Dive: Chinese

Tourists in the UK—Time is

Running Out on Cheaper Luxury

Shopping

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December28,2016


Contents

ExecutiveSummary.............................................................................................................................3

Introduction........................................................................................................................................4

HowPopularistheUKforChineseTravelers?.....................................................................................4

SterlingDepreciationMakesUKMoreAttractive................................................................................4

Spendingup—DrivenbyLargerAverageBasketSizes............................................................................5

LuxuryBrandsHikePricesintheUK....................................................................................................8

ChineseTravelersLiketoShop......................................................................................................8

DepreciationPromptsUKPriceRises............................................................................................9

Medium-TermView:UKLagsinAttractingChineseTourists..............................................................11

Outlookto2017:PriceHarmonizationCouldStymieSustainedTravelerBoost..................................13

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ExecutiveSummarySome325,000visitorscametotheUKfromMainlandChinain2015,asignificantincreaseof39.5%overthenumberofvisitorsin2014.Officialfiguresshowthatthisnumberhasdeclined13.5%inthefirsthalfof2016—butthiswasbeforetheUK’sBrexitreferendumvoteledtothedepreciationofthepoundandsomadetheUKamoreappealingdestinationforshoppersfromoverseas.

Oneofourkeyfindingsisthat,whileChinesetouristsarespendingmoreinthewakeofthedepreciationofthepound,itislessapparentwhethervisitornumbershaveincreasedtoasimilarextent:

• Chinesevisitorsincreasedtheirtax-freespendintheUKby25%inSeptember,accordingtotax-refundproviderGlobalBlue.DuringChina’sGoldenWeekholidayperiodinOctober,Chinesetax-freespendingintheUKjumpedby58%yearoveryear,whilethenumberoftransactionsroseby30%,suggestingtheoverallspendingboostwasinlargepartduetohigheraveragebasketvalues.

• OfficialmonthlydataforvisitornumbersbybroadregionshowedarecoveryinJune,butthereferendumresultwasannouncedonlyonJune24,whichsuggeststhatcannotbetheprincipalreasonfortheuplift.TotaloverseasvisitorgrowthstrengthenedfurtherinJuly,buthasgenerallybeeninconsistentsincethereferendum.

• PriortotheBrexitvote,averagespendbyChinesevisitorshadbeenweakening:theaverageChinesevisitorcuttheirspendintheUKby14%in2015,to£2,075,weestimatefromOfficeforNationalStatistics(ONS)data.Inthefirsthalfof2016,theperiodwhichthelatestofficialdatacover,theaveragespendfellfurther,by21%yearoveryear,to£1,649.

High-endbrands,suchasBurberry,Chanel,LouisVuittonandRolexhaveincreasedtheirUKpricestoreducethedifferencesbetweenregions.Chanelsaidthatitneeded“toreachconsistentpricelevels”betweendifferentpartsoftheworld.Thesemoveswilltemperanyincreasesinvisitsandspendthatarebeingdrivenbytheattractionofmoreaffordableluxurygoods.

Weexpectsolidyear-over-yeargrowthinChinesetravelernumberstocontinueinto2017.However,thesecondhalfof2017willlikelyseedemandingcomparativesforthesemetricsastheyannualizethepost-referendumboost,andthiswillmakesustainingrobustgrowthevenmoredifficult.

WhileChinesetouristsarespendingmoreinthewakeofthedepreciationofthepound,itislessapparentwhethervisitornumbershaveincreasedtoasimilarextent.

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TheUKwasthe13thmostpopulardestinationforChinesetravelers,accordingtooursurveyofChineseconsumersinApril2016.

IntroductionTheUK’svotetoleavetheEuropeanUnion(EU)promptedafallinthevalueofsterling,makingthecountryanevenmoreattractivedestinationfortouristsfromothercountries,andespeciallythosetouristswhoareenthusiasticshoppers—suchastheChinese.

Inthisreport,weroundupthelatestdataonvisitornumbersandspendingintheUK,withaparticularfocusontheimpactofthedepreciationoftheBritishpoundinthewakeoftheUK’svotetoleavetheEU.Webeginwithsometop-linefindingsonvisitornumbers.

HowPopularistheUKforChineseTravelers?Some325,000residentsofMainlandChinamadeatriptotheUKin2015,asignificantincreaseof39.5%overthenumberofvisitorsin2014.Yet,MainlandChinacomprisedjust3%ofoverseasvisitstotheUKin2015.

Visitornumbersturnednegativein2016,however.Inthefirsthalfof2016,thenumberofvisitorsfromMainlandChinatotheUKfellby13.5%,accordingtoouranalysisofONSdata—butthiswasbeforetheUK’sreferendumvotepromptedadepreciationofthepoundandsomadetheUKamoreappealingdestinationforshoppersfromoverseas.

TheUKwasthe13thmostpopulardestinationforChinesetravelers,accordingtooursurveyofChineseconsumersinApril2016.TheUKrankedbehindEuropeanneighborssuchasFranceandGermany.Oursurveyfoundthat0.8%ofallChineseconsumerswesurveyedhadtakenatriptotheUKinthepastyear.Thefullreport,GlobalChineseShoppersCarrySpendingMomentumInto2016,canbefoundatbit.ly/FungChineseTourists2016.

Source:Shutterstock

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SterlingDepreciationMakesUKMoreAttractiveThedepreciationoftheBritishpoundafterthecountryvotedtoleavetheEUmadevisitingandshoppingintheUKbettervalueforalmostalloverseastravelers.TheboostforChinesetravelershasbeenan8.7%appreciationintheirpurchasingpowerintheperiodafterthereferendum,comparedtothefirstsixmonthsof2016.

Inthefollowingchart,wetracktheshiftintheexchangerateoftheChineseyuan(RMB)toBritishpound(GBP)sofarin2016.

Figure1.RMBtoGBPExchangeRate,2016

ThroughNovember28Source:USForex

SpendingUp—DrivenbyLargerAverageBasketSizesInthissection,weroundupthelatestindicatorsonChinesetravelernumbersandtheirspending.OnetrendnotedbymultiplesourceswasthatGoldenWeek,aChineseholidayperiodinOctober,sawajumpinvisitornumbersandtheirspendingin2016.

Akeytakeawayfromthedatabelow,inourview,isthatthegrowthinspendingbyChinesetouristsintheUKhasinlargepartbeendrivenbyvisitorsbuyingmoreduringeachshoppingtrip.Itislessclearthattherehasbeenasimilarlylargeuptickinvisitornumbers.

Figuresfromtax-refundserviceGlobalBluesuggesthigheraveragespendvalueshavedrivenuptheamountpurchasedbytouristsintheUK:

• DuringChina’sGoldenWeekholidayperiodinOctoberthisyear,Chinesetax-freespendingintheUKjumpedby58%yearoveryear;thenumberoftransactionsroseby30%,suggestingtheoverallspendingboostwasinlargepartduetohigheraveragebasketvalues.

0.100

0.105

0.110

0.115

0.120Jan

Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Average:0.1066

Average:0.1158

+8.7%

GoldenWeek,aChineseholidayperiodinOctober,sawajumpinvisitornumbersandtheirspendingin2016.

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• Chinesevisitorsuppedtheirtax-freespendintheUKby25%inSeptember.Inthesamemonth,touristsoverallgrewtheirspendintheUKby28%yearoveryear.

• SpendingbytouristsoverallintheUKinthefirsttenmonthsof2016wasup9%,buttheaveragetransactionvaluewasup10%,suggestingthatspendingisbeingdrivenbyhigherbasketvaluemorethanbyagreaternumberofshoppingvisits.

• InOctober,theUKdoubleditsshareofglobalChinesetax-freespending,to15%.

AccordingtoChina’slargestonlinetravelagency,Ctrip:

• ForGoldenWeek2016,theUKsawthebiggestyear-over-yearincreaseintravelbookingsofallcountries.ThenumberofChinesevisitorstotheUKbookingviaCtripjumpedby60%yearoveryear.

• Chinesetourists’interestintheUKremainedaftertheendofGoldenWeek,withdemandforvisitsaroundtheChristmas-shoppingperiodandtheJanuarysalesperiod.

• AmongChinesetravelers,theUKisapproachinglong-termfavoritedestinationssuchastheUS,ItalyandFrance,butisstillwellbehindlocaldestinationssuchasJapan,SouthKoreaandThailand.

• However,Ctripisafast-growing,online-onlyagent—forinstance,itstotalnetrevenuesgrewby75%yearoveryearinthethirdquarterof2016.Thismeansitsnumbersarenotrepresentativeoftheoveralltravel-bookingmarket.

Source:Shutterstock

VisitornumberstotheUKfromMainlandChinagrewby2.6%inthefirstquarterof2016andthenfell26.3%inthesecond

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ThelatestofficialUKvisitorfiguresfromtheONSshowsomerecoveryintotalvisitornumbersfromJune—butthisbeganbeforethereferendumandthedepreciationofthepound.Moreover,specificdataforvisitorsfromChinafortheperiodafterthereferendumarenotyetpublished.

• VisitornumberstotheUKfromMainlandChinagrewby2.6%inthefirstquarterof2016,andthenfell26.3%inthesecondquarter.Thisaveragesafirst-halfdeclineof13.5%.TheONSpublishesitsfiguresforthethirdquarter,whichcoverstheperiodaftertheBrexitreferendumheld,onJanuary27.

• 2016figuresareagainstdemandingcomparativesfrom2015,whenvisitornumberstotheUKfromMainlandChinasurged39.5%.

• MonthlyONSdataforvisitornumbersbybroadregionshowedarecoveryinJune,buttheEUreferendumresultwasannouncedonlyonJune24,whichsuggeststhatcannotbetheprincipalreasonfortheuplift.GrowthafterJunehasbeeninconsistentforvisitorsfromthe“Other”region,whichincludesChina.ThesolidincreaseinvisitornumbersinJulymayhavebeenashort-livedboostasaresultofthepound’sdepreciation.Wechartthesedatabelow.

Thelowgrowthininternationalvisitornumbersbolsterourperceptionthatincreasedtouristspendingisbeingdrivenmorebyanincreaseinper-personspendingthanbygrowthinvisitornumbers.

Figure2.MonthlyVisitorNumberstotheUK,YoY%Change

“Other”includesallregionsapartfromNorthAmericaandEurope.Source:ONS/FungGlobalRetail&Technology

Thereissignificantscopeforabounceinaveragespendinginthesecondhalfof2016:theamounttypicallyspentintheUKbyaChinesetravelerfell14%in2015,to£2,075,weestimatefromONSdata.Inthefirsthalfof2016,theaveragespendfell21%to£1,649—althoughthismaybeskewedbycalendareffectswhichweighthigher-spendingvisitstothesecondhalf

1.32.1

(15)

(10)

(5)

0

5

10

Total "Other"Incl.China

EUReferendum

VisitornumberstotheUKfromMainlandChinasurged39.5%in2015.

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Some61%ofChineseoverseasshoppersexpecttospendmoreonshoppingwhiletravelingoverseasinthenextyear,comparedtothepreviousyear.

oftheyear.Againstthefirsthalfof2015,spendingfellby19%inthefirsthalfof2016.

Ifthesecondhalfof2016sawadepreciation-inducedrecoveryto2014spendinglevels,thiswouldequatetoa45%jump,oranadditional£754pervisitor.

Figure3.UK:AverageSpendingperVisit,byMainlandChinaResidents(GBP)

AllChinaexceptHongKongSource:ONS/FungGlobalRetail&Technology

LuxuryBrandsHikePricesintheUKChineseTravelersLiketoShop

Shopping—andshoppingforluxurybrands—isanimportantpartofmanyChinesetourists’trips.ThiswasconfirmedbyourApril2016surveyofChineseconsumers.NotethatthefollowingmetricsarenotspecifictotheUK:

• Some61%ofChineseoverseasshoppersexpectedtospendmoreonshoppingwhiletravelingoverseasinthecomingyear,comparedtothepreviousyear;only17%expectedtospendlessonshoppingwhiletraveling.

• TheaverageChinesetravelerwillspendanestimated$1,783onretailpurchasespertripin2016,upfrom$1,678in2015.

1,768

1,4281,615

2,3042,403

2,075

1,649

2010 2011 2012 2013 2014 2015 1H16

(14)%

(21)%

Ifthesecondhalfof2016sawadepreciation-inducedrecoveryto2014spendinglevels,thiswouldequatetoa45%jump,oranadditional£754pervisitor.

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December28,2016


• Duty-freestores(shoppedby32%ofChineseoverseasshoppers),largedepartmentstores(23%),specialtystores(13%)andoutletstores(11%)werethemostpopulartypesofstoresforoverseasshopping.

• Fragrances/beautyproducts(boughtby67%ofChineseoverseasshoppers),apparel,(63%),healthsupplements/vitamins(25%)andwatches(25%)werethemostpopularcategoriestobeboughtonoverseastrips.

Thefullreport,GlobalChineseShoppersCarrySpendingMomentumInto2016,canbefoundatbit.ly/FungChineseTourists2016.

Chinesetravelers’spendingissubstantialbecausetheyaretypicallyshoppingnotjustforthemselves.Onaverage,only51%oftheirretailspendisforthemselves,while32%isforgiftsforothersand19%isforresalebackinChina,accordingtoOliverWyman,amanagementconsultancy.IntheUK,theaveragespendongoodsforresalebyeachChinesetraveleris$299in2016.

Figure4.Per-PersonResellSpend,byChineseTravelers,2016

Source:OliverWyman

Tourists—Chineseorotherwise—areverysignificantconsumersofluxurybrandsintheUK:foreignersaccountedfor50%–55%ofallluxurygoodssalesinthecountryin2015,accordingtoExaneBNPParibas.

DepreciationPromptsUKPriceRises

Followingthedepreciationofthepound,travelershaveenjoyedcheaperpurchasesintheUK,andthishasboostedthepopularityinparticularofbuyingluxurygoodsinBritain.However,thisbenefitlookstobeshort-lived.Manyluxurybrandshaveraisedpricesinordertoreducethepricedifferentialwithothermarkets.

$360

$312 $299 $295$272

US France UK Korea Macau

Manyluxurybrandshaveraisedpricesinordertoreducethepricedifferentialwithothermarkets.

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December28,2016


Chanelinstitutedapolicyofaligningitspricesindifferentmarketsin2015.Initially,thistooktheformofloweringpricesinAsia,butthedepreciationofthepoundhasmeantincreasesintheUK.ThecompanytoldTheTimesnewspaperinNovember:“Weneededtoadjustourpricesaccordinglyinordertoreachconsistentpricelevelsintheeurozoneandtherestoftheworld.”

AccordingtoouranalysisofdatacollectedbySpottedfashion.com,Chanelhikedpricesacross11linesinitsFlapBagandBoyBagrangesbyanaverage10.6%inNovember2016.ThiswasChanel’sthirdpriceriseof2016forclassicbags,accordingtoSpottedfashion.com,followinghikesinMarchandJuly.Welistselectedexampleitemsbelow.

Figure5.UK:SelectedChanelClassicBagsPrices

Nov2016 Pre-Nov2016 %Increase

ChanelMiniClassicFlapBag £2,100 £1,910 10.0%

ChanelSmallClassicFlapBag £3,840 £3,480 10.3%

ChanelMediumClassicFlapBag £3,990 £3,620 10.2%

ChanelJumboClassicFlapBag £4,450 £3,980 11.8%

Source:Spottedfashion

LouisVuittonhasalsopushedupUKpricesthreetimessofarin2016:inApril,AugustandOctober.AcrossnineLuisVuittonbaglinesrecordedbySpottedfashion.com,pricesincreasedbyanaverageof16.1%between2015andOctober2016.Welistafewexampleitemsbelow.

Figure6.UK:SelectedLouisVuittonClassicBagsPrices

Oct2016 2015 %Change

LouisVuittonEpiNeverfullMMBag £1,390 £1,160 19.8%

LouisVuittonNeverfullMMBag £880 £710 23.9%

LouisVuittonCapucinesMMBag £3,700 £3,150 17.4%LouisVuittonMonogramEmpreinteSpeedyBandouliere30Bag £1,850 £1,710 8.2%

Source:Spottedfashion

BurberryandCartieralsopushedupUKpricesbetweenMarchandNovember2016,accordingtoTheTimes.RolexincreasedUKpricesby10%inearlyNovember,accordingtotradewebsiteWatchPro;thesitesaidthiswasthefirstUKpriceriseinstitutedbyRolexsince2012.RichemontandLVMHincreasedUKwatchpricesinSeptember,accordingtoWatchPro.PatekPhilippeputitsUKpricesupby10%atthebeginningofAugust,itsUKManagingDirector,MarkHearn,toldtheNewYorkTimes.

Moreover,someindustryexpertshavespeculatedthatfurtherpriceriseswillbeseenfromaroundspring2017,whenhedgingcontractsstarttoexpireandthecostofimportedgoodsincreasesasaresult.Thesegeneralpricerisescouldbeseenacrossvariouscategories.

AcrossnineLuisVuittonbaglines,pricesincreasedbyanaverageof16.1%between2015andOctober2016.

RichemontandLVMHincreasedUKwatchpricesinSeptember.

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Medium-TermView:UKLagsinAttractingChineseTouristsBelow,weofferafive-yearviewofChinesevisitornumbersandspending.Overthefiveyearsthrough2015,annualvisitornumbersfromMainlandChinahaverisenby130%.VisitornumbersfromtheMainlandjumpedby39.5%in2015,whenChinesetravelernumberstoEuropeasawholeroseby40%,accordingtotheEuropeanTravelCommission.Slovakia,Iceland,MontenegroandSpainsawthebiggestincreasesin2015,comfortablyoutpacingeventheUK’sstrongperformance.

Figure7.UK:NumberofOverseasVisits,byChina/HongKongResidents(Thou.)

*AllChinaexceptHongKongSource:ONS

SpendingbyvisitorsfromMainlandChinaintheUKroseby20.5%in2015,wellbelowtheriseinvisitornumbers.Asnotedearlier,per-personspendfellandthisprovidesundemandingcomparativesforgrowthinspending-per-visitorin2016.

However,AccordingtotheONS,MainlandChinesevisitorscuttheirtotalspendingintheUKby13.6%inthefirstquarterof2016andby40.1%inthesecondquarter(latest).

Figure8.UK:SpendingWhileonTrips,byChina/HongKongResidents

*AllChinaexceptHongKongSource:ONS

141 181 215 237 233325

131149 135

163 159

204

2010 2011 2012 2013 2014 2015

MainlandChina* HongKong

249 259 347546 559

674129 176186

248 247266

2010 2011 2012 2013 2014 2015

MainlandChina* HongKong

VisitornumberstotheUKfromtheMainlandjumpedby39.5%in2015,whenChinesetravelernumberstoEuropeasawholeroseby40%.

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TheUKcapturedjusta4.1%shareofthetotal7.98milliontripsfromChinatoWesternandNorthernEuroperecordedbytheEuropeanTravelCommissionin2015.ThissuggestsmajoropportunitiesfortheUKtowinalargershareofChinesetrips.

The325,000visitorsin2015isashadowofthe2.2millionthatFranceattractedinthesameyear.Italy,SwitzerlandandGermanywerealsomorepopularthantheUKforChinesetouristsinthefirsthalfof2015(latest),accordingtoTravelChinaGuide.

Figure9.NumberofVisitorsfromMainlandChina,SelectedCountries/Territories

CountryorTerritory 2014(Mil.) 2015(Mil.) %Change

HongKong 47.25 45.84 -3.0

Macau 21.25 20.40 -4.0

Thailand 4.64 7.93 71.1

SouthKorea 6.13 5.98 -2.3

Japan 2.41 4.99 107.3

Taiwan 3.99 4.18 4.9

USA 2.19 2.27 3.7

France N/A 2.2 N/A

Australia* 0.74 0.90 21.7

UK 0.23 0.33 39.5

*YearsendSeptember.Source:Nationalstatisticsoffices/FungGlobalRetail&Technology

Accordingtoseparatedataonthenumberoftripsorganizedbytravelagencies,theUKrankedasthe16th-most-populardestinationforChinesetouristsin2015.NotethatthisseverelyunderrepresentstripstolocalterritoriessuchasHongKong,whererelativelyfewvisitorswillrelyontravelagencies.

Figure10.NumberofVisitsfromMainlandChinaOrganizedThroughTravelAgencies,2015(Mil.)

CountryorTerritory 2015(Mil.)

1 Thailand 7.37

2 HongKong 6.67

3 Korea 4.85

4 Japan 4.59

5 TaiwanRegion 3.98

6 MacaoRegion 3.47

7 Singapore 1.65

TheUKcapturedjusta4.1%shareofthetotal7.98milliontripsfromChinatoWesternandNorthernEuropein2015.

TheUKrankedasthe16th-most-populardestinationforChinesetouristsin2015.

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CountryorTerritory 2015(Mil.)

8 Malaysia 1.16

9 Vietnam 1.13

10 France 1.01

11 Indonesia 0.99

12 Italy 0.83

13 Germany 0.74

14 Switzerland 0.72

15 Russia 0.62

16 UnitedKingdom 0.42

17 Philippines 0.31

18 Netherlands 0.20

19 India 0.17

20 Spain 0.14

Source:ChinaNationalTourismAdministration

OutlookTo2017:PriceHarmonizationCouldStymieSustainedTravelerBoostThepost-referendumboostinspendingbytourists,includingChinesetourists,appearstohavebeendrivensubstantiallybyincreasedspendpertourist.Itislessclearthattherehasbeenacomparablystrongsurgeintotaltravelernumbers,althoughweawaitofficialfiguresrelatingtoChinesetravelernumberssincethepound’sdepreciation.

ThemovesbyluxurybrandstoraiseUKpricescouldwellputahalttoanygrowthinChinesetravelernumbersandtheirspendingintheUK,whichhasbeendrivenbytheappealoflow-cost,high-endshopping.Indeed,anyupliftinvisitornumbersresultingfromvisitorsflockingtobuyluxurygoodsmaywellhavepeaked.

TheseluxurypricerisesdonotimplythereisnofinancialbenefittoChinesetravelerstovisittheUK:thedepreciationofthepoundmeanstheirin-countrytransportationandhotelcosts,leisurespendingandnonluxuryretailpurchaseswillstillbelowerthantheywouldhavebeen.

Weexpectsolidyear-over-yeargrowthinChinesetravelernumberstocontinueinto2017.However,thesecondhalfof2017willlikelyseedemandingcomparativesforthesemetricsastheyannualizethepost-referendumboost.Thiswillmakesustainingrobustgrowthevenmoredifficult.

Weexpectsolidyear-over-yeargrowthinChinesetravelernumberstocontinueinto2017.

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December28,2016


DeborahWeinswig,CPAManagingDirectorFungGlobalRetail&TechnologyNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comJohnMercerSeniorAnalyst

HongKong:8thFloor,LiFungTower888CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,9thFloorNewYork,NY10018Tel:6468397017

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chinese tourists in the uk december 28 2016 · 12/28/2016 · one of our key findings is that,...

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