Hello, Quartz Index readers!
This week, we learned foreign tourists spend four times more money in NYC than Americans. It’s not just a US phenomenon: many Chinese tourists think of Europe as the world’s largest discount mall.
Chinese customers account for 30% of all spending on personal luxury goods, but do most of their buying outside China. Luxury goods cost 21% more in the country than the global average because of Chinese taxes and duties, with added yuan coming from exchange rates and distributions costs. The price gap has also fueled the growth of daigou business, where shoppers in the US and Europe buy goods on behalf of Chinese clients.
China’s growing middle-class are starting to shop at home more frequently, as the Chinese government cracks down on daigou shopping and terror attacks put a damper on US and European tourism, but in the meantime, the best deals still require a plane ticket.—Marc Bain
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