Chinese Saved The European Luxury Products Industry

Though the economic recovery in Europe is slow

, the recovery in Europes luxury goods industry is almost done. The sales of luxury goods have been able to get out of the shadow of the financial crisis, the biggest contribution comes from the Chinese tourists.

In the last year, the global sales of luxury goods decreased by 8% because of the international financial crisis. However, this year, both sales and profits of the luxury goods industry made the both-winning. This is largely due to the entry of visitors in Europe, foremost among which is the Chinese tourists. According to Tourism Economics consulting firm, the amount of Chinese tourists visiting Western Europe is expected up to 2.4 million, 400 thousand more than the same period last year. And the Global Blue Company reported a figure that there was an increase of 99% in Chinese tourists spending in Europe from January to October this year.

Several well-known luxury brands in Europe agree that the Chinese tourists drive their sales. The Italian Jeweler Bulgari SpA pointed out that consuming from Chinese tourists was the big factor in the increasing in the third quarter.

The famous luxury brands for handbags Gucci, also enjoyed a big benefit from the stream. Base on this interest,

by: Eric He

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