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Alipay and WeChat Pay have gone international more quickly due to booming Chinese outbound tourism. They are accepted not only at retail locations but also used to pay transportation fares in support of local services.
“New Retail” is a model for integrating online retail, offline retail and logistics across a single value chain powered by data and technology. In this biweekly series, we cover important developments in New Retail in China and beyond.
Chinese tourists are traveling more but spending less on shopping when they go. Younger tourists look for experience trips over shopping. We look at how Western retailers can attract and retain this valuable demographic.
Chinese New Year is a major time for travel: Some 73 million Chinese travelers were expected to make journeys by plane over the 2019 holiday, with Thailand, Japan and Indonesia the top destinations.
Retail and food-service sales during Chinese New Year grew steadily from 2011 to 2018. During the 2018 Chinese New Year Golden Week (February 15-21), retail sales reached ¥926 billion (about $146 billion), 10.2 % higher than the same period in 2017 —and more than double what it was in 2011, according to Ministry of Commerce statistics.
Chinese tourists travelling during this year’s National Day Golden Week holidays (October 1–7) will boost both global and domestic retail sales. According to Ctrip (China’s largest online travel agency), during this year’s National Day holidays:
This report details the results of our fourth annual proprietary survey of Chinese overseas tourists’ travel and spending behaviors and preferences, undertaken in partnership with China Luxury Advisors.
Many Chinese tourists are currently preparing to travel overseas during the Lunar New Year celebration, which begins on February 16 and runs through March 2 this year.In the US, hundreds of thousands of retailers and service providers are ready to cater to these tourists by offering them the mobile-wallet payment options they prefer, such as Alipay.
Chinese outbound tourists have evolved into experienced and sophisticated travelers - some 67% of surveyed tourists have traveled more than once in the past 12 months, visiting an average of 2.3 destinations. Apart from shopping, they crave lifestyle and experiences when they travel abroad.
In Part 2 of our 2017 Spring Festival Report, we focus on two main themes: 1) the continued rise in Chinese outbound travel; and 2) the growing preference for spending on experiences and entertainment.
Ctrip, China’s leading online travel agent, reported strong 3Q16 revenues of ¥5.6 billion, up 75.1% year over year. Non-GAAP net profit of ¥0.58 billion beat the consensus estimate of ¥0.34 billion, but was down 77.2% year over year.
Ctrip, China’s leading online travel agent, reported in-line 2Q16 revenues of ¥4.41 billion, up 75% year over year. Non-GAAP net profit of ¥0.06 billion beat the consensus estimate of a loss of ¥0.04 billion, but was down 81% year over year due to the consolidation of Qunar.
Characteristics and Trends Driving Opportunity in the Silvers Market.
Chinese tourists are now the biggest global spenders and the momentum will continue, reflecting the expanding Chinese middle class and a growing base of passport holders.
$1.63 billion in sales are made in the first 38 minutes • 42.6% of sales are made via mobile devices • The first domestic order is delivered in 15 minutes • The first cross-border order is delivered in 2 hours • In 2014, Alibaba offered an 11.11 shopping festival to global shoppers
