"Gold Week" In Europe And The United States In China

The "super Golden Week" that has just ended for 8 days, Chinese consumers form a strong "purchasing power in China" overseas, playing a positive energy in stimulating the economy and increasing employment in the US, Europe and other markets.

Experts suggest that as a "world factory", China should move from a big manufacturing country to a big sales country by lowering tax rates, establishing domestic duty-free shops, discount stores, relaxing imports of high-end consumer goods, and building high-end proprietary brands, so as to maintain the "purchasing power of China" in the territory and cultivate the local high-end consumer goods market.

Manufacture of China's "blood group"

"Little girl, lend me your passport, I will give you 10 euros!" during the "eleven" golden week, Chinese student Xiao Yuan met with such embarrassing scene on Champs Elysees in Paris: a tourist from mainland China took Xiaoyuan and wanted to use his passport to buy a leather bag at Chanel store.

In recent years, some luxury stores in Europe have restricted the number of "Crazy" Chinese buyers, and a passport restricts the purchase of one item.

"Crazy" buying on Champs Elysees is not uncommon.

The latest data released by China UnionPay show that in the past 8 days of "super Golden Week", China UnionPay cardholders' overseas trading volume grew by 33% over the same period last year. Apart from Europe, Southeast Asia and other Chinese tourists, the volume of overseas tourism destinations increased significantly, and in the countries and regions such as Lebanon, Greece, Iceland and Jordan, the volume of the union card pactions increased several times.

According to the report of the National Tourism Administration, the number of outbound tourists in China in 2011 was 70 million 250 thousand, an increase of 22% over the same period last year, and this figure is expected to reach 77 million in 2012. In 2011, the cost of outbound tourism for Chinese tourists is 69 billion dollars, and this year it is expected to reach US $80 billion.

Yu Weihua, general manager of the outbound tourism center of Shanghai China Travel International Travel Agency, said that with the increase of Chinese residents' income and the increasing popularity of outbound travel, Chinese people have become more and more consuming.

"Has become the economic driving force that all countries can not ignore.

Data from the international rebate institution global blue union show that in 2011, Chinese tourists contributed half of European luxury sales.

Does China's purchasing power save the western economy?

Lou Jiajun, a professor of tourism at East China Normal University in Shanghai, believes that under the global economic downturn, the purchasing power of Chinese consumers is playing a unique "positive impact" on the world economy, and has played an important role in stimulating the economy and solving the problem in the overseas markets such as the US and Europe.

The consumption of Chinese tourists is helping retailers in many countries tide over difficulties.

Retailers in London reported that in order to attract Chinese tourists, many stores are trying to cater to the needs of Chinese tourists, employing Mandarin speaking staff, issuing VIP passes to Chinese tourists to enjoy discounts and so on.

Harold department store said that after installing the card reader supporting UnionPay card, the sales to Chinese customers increased by 40%.

"Just three or four years ago, most luxury stores in the United States did not speak Chinese waiters," he said. "Now, there are special guides for Chinese customers in all the stores in Shanghai.

Stores also offer coupons for Chinese tourists, and signboards are welcome to use UnionPay cards in many places.

Since the financial crisis, European and American countries have been very warm and thoughtful to Chinese guests, and Chinese consumers are considered to be an important force for economic recovery.

Because of the super consumption ability of Chinese customers, the British media has created a new term "Beijing pound" based on the concept of "Sterling".

The big luxury goods such as Burberry, LV and Gucci consumed by the "Beijing pound" are expected to account for 1/3 of the total sales of the luxury goods industry.

Sun Lijian, Professor of economics at Fudan University, said that the scale effect of overseas consumption on the local economy has been increasingly recognized by governments and academics.

Some American scholars have calculated that the consumption of five Chinese "rich people" in the US can solve one job in the United States.

Compared with overseas consumption, domestic consumption is slightly dull.

The latest figures released by the Ministry of Commerce show that between September 30th and October 7th, sales of key monitoring retail and catering enterprises in China were about 800 billion 600 million yuan, an increase of about 15% over the 2011 national day.

BOC reported that this increase was the lowest growth rate of the "eleven" golden week since 2007, and the lowest growth rate in the past three years and the "eleven" two golden week.

According to industry analysis, sales of golden week were less than last year because of the decline in per capita consumption.

But from another angle, this year's Golden Week tourism and consumption are more grassy than before. This structural change means that the impact of the current economic downturn on the consumption expenditure of ordinary people is not pessimistic, showing the rise of the backbone of China's social consumption.

Sun Lijian suggested that through the establishment of outlets, duty-free shops and other ways, the domestic high-end consumption can be pferred from overseas to the mainland to cultivate the local high-end consumer goods market, thereby promoting the development of the entire industrial chain and boosting the domestic economy.

Chen Guo, a researcher at GF Securities, believes that as a world factory, China should move from "made in China" to "China sales", creating a relaxed domestic consumption environment, moderately reducing tax rates, relaxing imports of high-end consumer goods, and developing national high-end brands, so as to keep more residents' high profile consumption in China.

Experts believe that China's consumption as the main engine of economic growth is thriving and will continue to highlight the future growth of China's economy.