{"id":12306,"date":"2023-05-15T13:42:12","date_gmt":"2023-05-15T13:42:12","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=12306"},"modified":"2025-04-23T09:31:32","modified_gmt":"2025-04-23T09:31:32","slug":"could-chinese-revenge-spending-boost-the-uk-economy","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/could-chinese-revenge-spending-boost-the-uk-economy\/","title":{"rendered":"Could Chinese ‘revenge spending’ boost the UK economy?"},"content":{"rendered":"

The British economy is expected to get a significant boost thanks to \u2018revenge spending\u2019 by Chinese shoppers, writes Tom Pattinson<\/strong><\/h2>\n

HSBC Global Research states that over \u00a3760 billion (6.6 trillion RMB) has been saved since the strict lockdown<\/a> in China started three years ago. This amounts to around 5.4% of GDP, and, according to David Maddison, director of UK retail and leisure at HSBC, the potential for these savings to be unleashed as so-called \u2018revenge spending\u2019 is huge.<\/p>\n

\"launchpad<\/a><\/p>\n

\u201cWe have already seen the drastic impact of domestic revenge spending on luxury brands LVMH, Herm\u00e8s, Ferragamo and Mulberry. This is only predicted to rise, given the higher-than-average demand for luxury goods from Chinese consumers. There is a significant opportunity for British businesses to capitalise on this Chinese demand,\u201d he said.<\/p>\n

With China\u2019s Covid-era border controls removed<\/a>, Chinese tourists are keen to travel abroad \u2013 a recent report from Gusto Luxe and Global Blue found that 92% of travellers were planning an overseas trip in 2023 \u2013 and not just for the travel experiences; the pricing of luxury goods in the UK and Europe is also a key attraction point. Research by Bain & Co found that prices for luxury bags were still 25-45% lower in Europe than in China \u2013 before accounting for 10-12% VAT.<\/p>\n

After lockdowns in Europe ended in 2022, revenge spending by American tourists had a huge impact on reviving the European luxury market. \u201cThere is a hope and expectation that China will do as the Americans did, albeit to a greater degree, given the significant demand,\u201d Maddison told the Times.<\/p>\n

\"\"<\/h4>\n

China Consumer 2023<\/b><\/h4>\n

This article was produced as part of a series for China Consumer 2023.<\/p>\n

Learn more about CBBC\u2019s flagship consumer event of 2023 here<\/a>.<\/b><\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The British economy is expected to get a significant boost thanks to \u2018revenge spending\u2019 by Chinese shoppers, writes Tom Pattinson HSBC Global Research states that over \u00a3760 billion (6.6 trillion RMB) has been saved since the strict lockdown in China started three years ago. This amounts to around 5.4% of GDP, and, according to David Maddison, director of UK retail and leisure at HSBC, the potential for these savings to…<\/p>\n","protected":false},"author":13,"featured_media":12309,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[123],"tags":[2308,2427,396],"class_list":["post-12306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer","tag-chinese-tourists","tag-paywall","tag-tourism"],"yoast_head":"\nCould Chinese 'revenge spending' boost the UK economy? - Focus - China Britain Business Council<\/title>\n<meta name=\"description\" content=\"Chinese consumers saved \u00a3760 billion during the pandemic and brands like LVMH and Herm\u00e8s are reaping the rewards \u2013 could your brand too?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/focus.cbbc.org\/could-chinese-revenge-spending-boost-the-uk-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Could Chinese 'revenge spending' boost the UK economy? - Focus - China Britain Business Council\" \/>\n<meta property=\"og:description\" content=\"Chinese consumers saved \u00a3760 billion during the pandemic and brands like LVMH and Herm\u00e8s are reaping the rewards \u2013 could your brand too?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/focus.cbbc.org\/could-chinese-revenge-spending-boost-the-uk-economy\/\" \/>\n<meta property=\"og:site_name\" content=\"Focus - China Britain Business Council\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/chinabritainbusinesscouncil\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-15T13:42:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-23T09:31:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/focus.cbbc.org\/wp-content\/uploads\/2023\/05\/shutterstock_1883390701.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"757\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Antoaneta Becker\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ChinaBritain\" \/>\n<meta name=\"twitter:site\" content=\"@ChinaBritain\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Antoaneta Becker\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/focus.cbbc.org\/could-chinese-revenge-spending-boost-the-uk-economy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/focus.cbbc.org\/could-chinese-revenge-spending-boost-the-uk-economy\/\"},\"author\":{\"name\":\"Antoaneta Becker\",\"@id\":\"https:\/\/focus.cbbc.org\/#\/schema\/person\/780c5a2518f57c6a9e3d15e766aaee25\"},\"headline\":\"Could Chinese ‘revenge spending’ boost the UK economy?\",\"datePublished\":\"2023-05-15T13:42:12+00:00\",\"dateModified\":\"2025-04-23T09:31:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/focus.cbbc.org\/could-chinese-revenge-spending-boost-the-uk-economy\/\"},\"wordCount\":288,\"publisher\":{\"@id\":\"https:\/\/focus.cbbc.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/focus.cbbc.org\/could-chinese-revenge-spending-boost-the-uk-economy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/focus.cbbc.org\/wp-content\/uploads\/2023\/05\/shutterstock_1883390701.jpg\",\"keywords\":[\"Chinese tourists\",\"Paywall\",\"tourism\"],\"articleSection\":[\"Consumer\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/focus.cbbc.org\/could-chinese-revenge-spending-boost-the-uk-economy\/\",\"url\":\"https:\/\/focus.cbbc.org\/could-chinese-revenge-spending-boost-the-uk-economy\/\",\"name\":\"Could Chinese 'revenge spending' boost the UK economy? 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