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PARIS - Spending on luxury goods by Chinese shoppers abroad fell last month for the first time since such records began in 2010, leading to the worst ever monthly result for the luxury goods industry's tourist sales, retail tax-refund services company Global Blue said on Friday. 

Spending by Chinese tourists in March tumbled 24 per cent, dragged down by a 35 per cent year-on-year drop in Europe, where the Paris and Brussels attacks have kept some tourists away.

A reduction in the price gap with Europe has also lifted spending within China.

"The slowdown in Europe is due to a tougher comparison, the impact of the terrorist strikes and the effect of the introduction of biometric visas, although the overall growth of the Chinese consumer globally has slowed and remains a concern,"Barclays analysts said of the figures.

Global Blue data showed that overall tourist spending on luxury items fell 14 per cent in March after rising 4 per cent in February.

The firm's figures do not include tourism spending in the United States, Hong Kong and Dubai, which do not have value-added tax refund systems.

Luxury goods industry leader LVMH and British luxury fashion brand Burberry both said this week that they had seen a drop in tourist spending in continental Europe.

For some big luxury brands such as Cartier and Louis Vuitton tourists account for more than 50 per cent of customers in certain European markets. Chinese consumers account for almost a third of the global luxury goods market.

After the attacks on Brussels and Paris, LVMH said there had been fewer visitors travelling to Europe "from the East", its term for Russia and Asia. Burberry added that tough market conditions would hit profit in the year ahead.

Global Blue said Russian tourist spending fell 22 per cent last month, weighed on by a drop in the value of the rouble and the weak home economy which has been hit by lower oil prices and continuing international sanctions over Ukraine.

Last week consultancy Bain & Co forecast that the luxury goods market would reach a low point this year, due to lower levels of tourists travelling to Europe, depressed trading in Hong Kong, weaker demand in China and a relatively subdued US market.

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Chinese consumers in the age group of 50 (or above) tend to make less online purchases than any of the other age groups. We can assume they are not technology-driven users, though it is actually not the case.

According to a report by KPMG (2015), Chinese consumers over 50 years old are barely buying products online, even though 45% of them are quite well-off (RMB 50 000 and higher). Furthermore, 73% of them seems to never purchase products online.

However, they are more likely to make online purchases of services such as hotel reservations (47%), restaurant bookings (35%) or domestic trips (32%), which shows that they are still quite a good niche.

KPMG highlights an issue on that matter: older generations are overlooked by brands in their marketing strategy, although they might be a meaningful niche, especially regarding services.

Source : KPMG

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Shopping is one of the main reason of travelling for wealthy Chinese consumers. Luxury goods bought overseas are either purchased for personal use, either for gifting, even though the latter is not as popular as it was two years ago, declining for 30% in two years. As a matter of fact, according to a survey by Hurun (2015), 82% of “super travelers” are shopping on their behalf.

Xi Jinping’s anti-corruption policies had a negative impact on the luxury goods market in China, which is why gifting products from brands of high value that were used as bribes aren’t as common as they were before. Since it is strictly forbidden and is applied inside China, wealthy Chinese consumers are now shopping abroad especially for personal use.

Source: Hurun Report - Financial Times

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This is the amount associated to the worldwide personal luxury goods market for the last year and estimated by Bain & Co. It was expected to grow – from 2014 to 2015 – only at 1 to 2 % at constant exchange rates and 13% at current exchange rates. This market should weigh for 24% of the total amount accounted of 1 044 billions €.

Personal luxury goods includes fashion, cosmetics and jewellery amongst others.

Slowing down little by little over the years even though they are still among the top in this segment, China seems to suffer from this impact on its economy.

Chinese’s preferences now went to a less materialistic way of living and are favoring traveling or spas, purchases that influences their well-being. Also, Chinese prefer to shop abroad, as the consumption tax and import tariff impede their spending and since they are willing to buy original and authentic goods that they are most likely to find outside their country.

Source : Bain & Co, Global Luxury Report, 2015

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Katy Barnato | @KatyBarnato
CNBC

Rising numbers of female millionaires and billionaires around the world may help drive a rise in luxury health and wellness holidays and women-only hotel services.

The number of female ultra-high net worth individuals (UHNWI) – those with net assets of $30 million or more, excluding their primary residences - is increasing faster than male UHNWI, encouraging travel agencies, hotels and tour operators to focus on their interests. These include holidays that focus on "wellness" and can be combined with business or voluntary work, according to data provider, WealthInsight.

Rising numbers of female millionaires and billionaires around the world may help drive a rise in luxury health and wellness holidays and women-only hotel services.

The number of female ultra-high net worth individuals (UHNWI) – those with net assets of $30 million or more, excluding their primary residences - is increasing faster than male UHNWI, encouraging travel agencies, hotels and tour operators to focus on their interests. These include holidays that focus on "wellness" and can be combined with business or voluntary work, according to data provider, WealthInsight.

"Interview and secondary research show that spas, yoga, meditation, health and wellness are appealing to female UHNWI," Roselyn Lekdee, economist at WealthInsight, told CNBC on Wednesday.

In a report on Tuesday, Lekdee said the number of wealthy females rose by 5.3 percent between 2010 and 2014 in locations with large UHNWI populations (see above). The number of male UHNWIs rose by 4.4 percent, although there were still far more male than female multimillionaires.

"As wealthy females have greater control over their careers and finances, they are becoming more selective about holidays, demanding personal and more sophisticated services," Lekdee said.

"Wellness" tourism can incorporate a wide range of activities including spa, yoga, detox, fitness and stress relief. The industry is worth $494 billion globally, according to the Global Wellness Institute, an industry body.

This type of tourism is growing and proving popular with solo travelers – and women. Several Asian countries are benefiting from the trend, with Thailand, Indonesia, Malaysia and India known for high-end health and wellness holidays.

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