We have been warned that the Chinese boom has just begun..
The Chinese are taking over the luxury world in a big way and not just in their homeland either. When on holidays, the Chinese take to the local luxury stores indulging in luxury purchases that some of us can only dream about.
One of the markets in China which is skyrocketing is the travel market.
The Economist reports that the country’s $US232 billion travel market is mainly domestic and hugely under-developed. A few short decades ago, Chinese citizens could not go anywhere without permission. Now members of the new middle class are eager to explore the far corners of their great nation.
Online travel has become more popular in recent years rather than queuing up to see a travel agent in person.
On September 15th Baidu, China’s largest search engine, announced plans to list the shares of Qunar, a popular Chinese travel search aggregator, in which it purchased a controlling stake in June. In May Tencent, another online giant, snapped up 16 per cent of eLong, a Chinese online travel company that is part-owned by Expedia. Together, Baidu and Tencent threaten Ctrip, China’s biggest travel firm.
Boston Consulting Group conducted a report where they said that the Chinese will spend 8 per cent of their annual incomes on a single trip, much more than other emerging markets.
Get GOLDEN CHOICE News Feed
Via moluxury
Luxury News / Golden Choice by Lux Creative International
