Chinese Consumers Boost Luxury Markets

On February 23, 2012, in Adam Roseman, by admin

The recovery of China’s hotel industry has increased over the last few years, according to a newsletter article by Adam Roseman of ARC China. Many executives feel that China is a haven for luxury hotels.

“We haven’t felt the crisis that they are experiencing in the U.S. and Europe,” said Charlie Dang of Starwood Hotels and Resorts Worldwide. “The domestic economy is still very strong. Generally the second and third tier cities are growing rapidly and that helps our business.”

In general, the Chinese have been boosting the luxury markets recently. According to department store Harvey Nichols, Chinese shoppers increased the store’s December post-tax annual profits by 32%.

Selfridges, another luxury department store in London, has begun accepting payments via China UnionPay cards as a result of the trend.

Comments are closed.