Chinese are now the biggest spending travelers globally.
Chinese shoppers may more than double their spending in London to nearly 500 million pounds (US$829 million) per annum by 2020 as they take advantage of a simpler visa process, international real estate advisor Savills said in a report released yesterday.
Their expenditure in London may soar by 141 percent over the next six years while overseas spending in the
UK capital may jump 46 percent over the same period, Savills predicted.
"The Chinese are now the biggest spending travelers globally," said Marie Hickey, associate director of research at Savills. "With initiatives in place to make visiting the UK easier, the retail sector should see a positive impact over the forthcoming years, with London set to benefit the most."
The yuan's relative strength, the lower prices of goods in overseas markets, more overseas travel and a broader product range will drive Chinese shopping in overseas markets, said James Macdonald, head of research for Savills China.
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