New research shows 90 million outbound trips will be made by Chinese residents in 2020, representing an impressive average growth rate of 13% per annum over the past two decades. By 2030, this number is expected to reach almost 126 million, making China the largest outbound market overtaking the US, Germany, and the UK.
Market Research Company Euromonitor International released a white paper providing a strategic approach on marketing to Chinese consumers travelling outside their home market.
China is the world’s second largest consumer market, having overtaken Japan in 2011. With the strong economic growth of China over the past few decades, the middle class has been growing, allocating more time and budget on travel, especially outbound tourism. This has resulted in astronomical growth in the number of trips and expenditure taken by the Chinese.
Shopping is the top priority for Chinese tourists abroad, resulting in a positive impact across a diverse range of international retailers and manufacturers. Several of these destinations have targeted the Chinese traveller as a strategic priority for shopping tourism. Europe plays on its heritage and home to a various number of fashion designer brands. In Japan, Chinese visitors purchase a variety of everyday goods and products across fast moving consumer goods (FMCG) such as cosmetics, appliances and consumer health, helping offset weak domestic demand.
Retailers keen to tap into the Chinese demand should adopt a number of measures to target Chinese visitors. Adding Mandarin-speaking staff and approving the use of China UnionPay credit cards are essential. Targeting marketing campaigns around national holidays such as Chinese New Year, developing specific product ranges for the Chinese market and visibility on Chinese online shopping portals are also effective ways of boosting sales.
Euromonitor International expects 90 million outbound trips made by Chinese residents in 2020, representing an impressive average growth rate of 13 percent per annum over the past two decades. By 2030, this number is expected to reach almost 126 million, making China the largest outbound market overtaking the US, Germany, and the UK.
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