How the decline in Chinese tourists around the world has hit the luxury sector

Description

Large groups of Chinese visitors have become a pillar of the global tourism industry. Coronavirus has not only put paid to this enormous source of income for major cities and sights around the world, it is having a massive knock-on effect for the luxury goods business.

For any tourist, buying souvenirs is a key part of the holiday experience. They might be trinkets such as keyrings or fridge magnets, a T-shirt emblazoned with the slogan “I ❤ NY” or a Russian matryoshka doll. But a significant number of Chinese tourists prefer to spend large sums on luxury items, such as designer clothes and accessories, when they travel overseas.