PARIS, March 31 ? Paris is set to overtake Hong Kong as the destination of choice for Chinese consumers snapping up luxury goods.
According to a report prepared by the Boston Consulting Group, more Chinese tourists are expected to take advantage of the weak euro this year and book a trip to Paris in search of monogrammed bags and red-heeled shoes.
For the report, 1,000 Chinese affluent consumers were asked to name the city where they expected to make a luxury purchase in the next 12 months.
An Asian shopper walks past a Louis Vuitton window at Printemps department store in Paris. ? AFP pic
Paris ranked first, followed by Hong Kong and Tokyo.
While proximity has traditionally made Hong Kong the first choice, this year consumers are expected to make the trek to the French capital, which is upheld as a dream shopping destination for the affluent Chinese. Nearly one in four Chinese respondents said they buy luxury goods abroad because they can find better selections.
One in three respondents said they believe it’s important to buy goods in the country where they’re made. The same ratio of respondents said the shopping experience abroad is superior to the experience at home.
The latest forecast hinges on expenditure stats from 2015: Last year, of the ?100 billion (RM443.5 billion) spent on luxury goods, only 23 billion was spent domestically in boutiques in China.
Chinese consumers poured the most money at luxury boutiques in Europe (?35 billion) followed by the US ...