Chinese to spend more time, money overseas: The number of Chinese holidaymakers going abroad during Chinese New Year this year rose 10 percent on last year’s figures. That means that more than 5 million Chinese opted out of the traditional family reunions and headed overseas to dine, shop and sightsee. Shopping is a top pursuit for Chinese travelers, given the prices for lots of luxury goods (including seafood like salmon and oysters) are lower overseas due to Chinese taxes. Chinese travelers also spend increasingly more overseas because UnionPay (the Chinese payment processing system, which is second only to Visa globally in value of payments processed) is now accepted globally, allowing cashless point-of-sale transactions without the laborious exchange of a still-unconvertible Chinese currency. However, Chinese tourists still tend to come in seasonal waves since they are compelled to take their holidays at the same time due to China’s socialist-style system of awarding everyone approximately a week off three times a year (Chinese New Year and the May Day and National Day in October), though this is changing somewhat with others taking leave and traveling independently to avoid the crush at airports and train stations.
February 27, 2015
Themes in China to follow in Year of the Lamb (or Goat)
