Chinese tourists love jewelry to promote consumption growth
According to the latest news from London, according to data analysis by Barclays Global Blue, the consumption of Chinese tourists has surged, driving global tourism consumption in July to increase by 31.9% compared with the same period of last year, which is the 12th consecutive month of growth. However, this figure is before the depreciation of the renminbi, and the impact of the devaluation of the renminbi is yet to be assessed. In July, Chinese tourists accounted for 27.5% of total European tourist spending. In the Global Blue data, total tourist spending in Europe accounted for 84% of global tourist spending. The bank pointed out that the strong growth in global tourism consumption exceeded the impact of the decline in consumption in Hong Kong and Macao and the limited growth in mainland China. Global Blue did not monitor travel consumption data in the United States or Dubai because these countries did not have a tax refund system operated by Global Blue. In July, total Chinese tourist spending increased by 73.6%, total consumption in Europe increased by 71.2%, and in other countries increased by 83%. Barclays said the latter was mainly driven by consumption by the Chinese middle class in Asia, especially Japan. However, Barclays pointed out that growth data in other countries in the world is lower than the 122% increase in May, and lower than the 103% increase so far this year, mainly due to the slowdown in Korean tourist consumption growth due to the MERS epidemic. In contrast, Russian tourists' consumption has dropped again. Since falling by 17.9% in June, July has dropped by 32.4% compared with the same period last year. This is the 19th consecutive month of decline in global tourist spending in Russia. The product category that had the greatest impact on the decline in consumption in July was leather goods, and the overall consumption of tourists in this category in Russia fell by 19.5%. Barclays said that although the value of the ruble has rebounded, it is still significantly lower than the value of the euro and the dollar compared to a year ago. Overall, Barclays said that watches and jewellery are among the best performing categories of all destinations, with July sales up 42.1% year-on-year, of which 69.9% benefited from the growth of Chinese passenger spending. Leather products increased by 32.3%, fashion and clothing rose by 17.1%. With the depreciation of the renminbi, the stock prices of Burberry, Ferragamo and LVMH Group have all declined. why? Because the devaluation causes Chinese consumers' overseas purchasing power to drop suddenly, the value of goods sold in China converted into euros or dollars will be less. Especially for luxury goods that rely heavily on Chinese consumers, the move will have an impact on earnings performance in the coming months. Jeans Playsuit,Black Jean Jumpsuit,Jumpsuit Jeans For Girl,Jumpsuit With Jean Jacket SHAOXING RUIZI IMPORT&EXPORT CO.,LTD , https://www.ruizigarment.com