Two Flags the French Can't Ignore
Just read an interesting news item on the incredible growth in Chinese tourist expenditure in France.
The Chinese bought tax-free goods worth 158 million euros (222.5 million dollars) in France in 2009 overtaking the Russians.
The economic crisis caused Russians to curb their spending, which dropped by 22.7 percent to 111 million euros, according to the study, which was based on figures collected by stores partnering with Global Refund.
Chinese tourists spent on average 1,071 euros in tax-free goods last year, while Russians shelled out 1,055 euros each.
“The increase from the Chinese is not surprising. What was unexpected was the fall in business done with the Russians,” Jean-Marc Leroy, director general of Global Refund France, told AFP.
To me this proves the point that China is not just a country of opportunity for outside investment but cannot be ignored by the outside for the power of its purse.
This is probably not surprising to anyone but what surprised me was who was at the top of the list of big spenders in France. The Ukrainians. They remained the biggest spenders on average at 1,481 euros per person, followed by tourists from Saudi Arabia, who spent 1,435 euros each.
Ukrainians also had a big appetite for watches and jewellery, with Ukrainians spending 7,782 euros on average for such goods while Saudis spent 4,978 euros.
