Retail’s Lunar New Year cheer

chinese new year decorationsRetail sales grew 6.88 per cent during the weeklong Chinese New Year celebrations compared to the same holiday period last year, Australian Retail Index data has revealed.

Fashion retailing led the charge with a spike of 14.7 per cent.

National Retail Association (NRA)CEO, Trevor Evans, said “retailers were in a unique position to gain a greater slice of the tourism pie as exploding numbers of emerging middle class travellers from China flocked to Australia” for the holidays.

Chinese visitors rank as the highest overall spenders among inbound tourists to Australia, averaging $8,616 per person – an increase of 17.0 per cent – and have on average six-week trips Down Under.

Chinese visitors now account for 22 per cent of all inbound tourism expenditure, with the majority of visitors ranking shopping as a high priority.

Evans said retailers who embraced the spirit of the celebrations are reaping the greatest rewards. He also said those retailers who can “adapt their offerings to appeal to visiting consumers by hiring bilingual staff, offering better sales, and of course, catering to important dates such as the Chinese Lunar New Year, will stay ahead of the game.”

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