By ZHOU Fangying
It has been nearly a year since the relaxation of Covid restrictions, and numbers of inbound and outbound travelers have failed to return to pre-pandemic levels. But the pandemic has not altered Chinese consumers' taste for luxury goods, though most now buy at home rather than venturing abroad.
Chinese tourists still encounter various challenges when planning overseas trips. First, the complex visa application processes, and second, rising fuel costs. Moreover, the price differential between products in mainland China and Europe has decreased, with a broader range of products now available at home.
As an increasing number of Chinese consumers opt for domestic shopping, some brands are placing greater emphasis on the Chinese market.
Reports suggest that LVMH Group is planning to relocate the regional headquarters of some of its brands to Shanghai.
The World Travel and Tourism Council predicts that China will replace the United States as the world's largest tourism market in the next decade. However, Bloomberg analysts suggest that the proportion of Chinese tourists engaging in overseas shopping is unlikely to return to its heyday.
