By James Kynge, principal of FT China Confidential
Frugality may be the new watchword of incoming President Xi Jinping, but while wealthy Chinese consumers may be cutting conspicuous consumption at home, they are spending ever-larger sums in ever-greater numbers abroad.
A recent survey by FT China Confidential shows the wealthiest 26 per cent of outbound tourists spent an average of Rmb32,628 ($5,241) on their most recent overseas trip, with shopping accounting for almost half the total spend (Rmb15,699).
Furthermore, this cohort of 21m travellers, which we expect to grow significantly in the coming years, plans to spend an average of Rmb43,770 ($7,032) on their next overseas trip this year, representing a 34 per cent increase on their most recent trip. Continue reading »