China’s million millionaires love to shop, but they prefer not to do it in China – and the appreciation of the renminbi is making them even keener to get out of town before opening their pocketbooks.
According to a recent report from those purveyors of all wealth-based research in China, the Hurun Report, shopping is one of the biggest reasons that rich Chinese travel overseas – making them the biggest tax free shoppers in the world for the first time last year.
Global Blue, the tax free shopping experts, says in a newly published report that the average spending of outbound Chinese was $1,026 last year, more than twice as much as Russians, US and Japanese tax-free shoppers – and that represented more than a 100 per cent increase over 2009 spending.