男友太凶猛1v1高h,大地资源在线资源免费观看 ,人妻少妇精品视频二区,极度sm残忍bdsm变态

US EUROPE AFRICA ASIA 中文
Business / Industries

China's big-spending tourists pause at stores as yuan drops

(Agencies) Updated: 2015-08-12 06:53

China's big-spending tourists pause at stores as yuan drops

Customers, among them many Chinese, try to grab a bargain at a perfume counter at Selfridges department store in London. [Photo/Agencies]

The Chinese tourists who have become a common sight in the world's major cities fear their wings will be clipped if Tuesday's shock yuan devaluation develops into a deeper dent in their spending power.

More than 100 million Chinese travel abroad every year, buying more luxury goods than any other nation. Shopping for the perfumes and designer clothes that can cost them twice as much at home is a major travel incentive.

"I'd planned to go to Seoul this month with my friends and then Thailand alone in October. But I'm afraid the yuan will devalue more," Huang Xuechang, a 48-year-old housewife from Guangzhou, told Reuters. "So I think I won't go to Seoul for shopping, but just to Thailand for sightseeing."

Huang Ruifen, a shop owner from Guangxi on a shopping trip to Hong Kong, was equally decisive. "I'll stop buying luxuries until the yuan is up again," she said.

China devalued its currency by 2 percent after a run of poor economic data - a move some economists think could herald a longer-term slide in the exchange rate. The downward move was the biggest since a massive devaluation in 1994, and appeared to reverse a previous strong yuan policy.

Investors were quick to bet companies like Louis Vuitton holding company LVMH, Gucci owner Kering and L'Oreal could suffer. The stocks were among the biggest fallers on the Paris stock market, dropping between 1.5 and 4 percent. The companies declined to comment.

Shop abroad to sell at home

Chinese tourists have been spending record amounts on luxury goods this year, VAT-refund company Global Blue said in a report published in April. For European destinations, the weak euro has been a big draw.

Analysts reckon Chinese luxury spending accounts for as much as 45 percent of the global market - up from effectively zero a decade ago. Chinese account for well over a third of total European luxury spending.

Despite the market reaction, the potential currency effects are mixed for the industry.

Global Blue says as much as 40 percent of Chinese tourist purchases abroad are destined to be sold for a profit back home on the grey market, so a weaker yuan may just displace some sales back into China.

Luxury sector margins are also generally higher in Asia, although the currency translation effects for European-based companies could cancel out some of that benefit.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 保定市| 饶阳县| 建平县| 合阳县| 当涂县| 时尚| 深泽县| 高邑县| 灵武市| 余庆县| 寻甸| 垦利县| 盐边县| 呼和浩特市| 忻城县| 开鲁县| 鲁山县| 开江县| 彭阳县| 靖西县| 屏南县| 邵阳县| 攀枝花市| 民乐县| 景宁| 焦作市| 恩平市| 专栏| 丰城市| 岑溪市| 万盛区| 平利县| 黄龙县| 陆川县| 方正县| 汾西县| 阜平县| 南宁市| 沂源县| 温宿县| 天等县|