Figures from the biggest duty free company Global Blue Norway shows that Chinese tourists last year bought designer handbags and expensive watches for around 100 million kroner in Norway. This year there will be twice as much, writes Dagens Næringsliv.
– It’s so cheap here. This watch would cost at least 20 percent more in China, said the Chinese tourist Semmy Lee, who visit Urmaker Bjerke on Karl Johan to buy a Rolex Explorer to 51,650 kroner, the newspaper said.
She also explains that she gets back 18 percent of the purchase on duty.
The general manager of Global Blue Norway, Geir Victor Svendsen says that the Chinese trades for the whole 125 percent more so far this year than the same period last year.
– We see that the Chinese are buying very lot watches and brands like Louis Vuitton, Hermès, Bottega Veneta and Gucci, he said.
Portfolio manager in Storebrand Investments, Olav Chen, believes the Chinese are now the new Japanese.
– China is in the process of moving from being an emerging economy to become a more developed economies. For a long time, economic growth has been investment-driven. This has created excess capacity in such housing. But now the authorities will turn the growth drivers of the consumer: get increased service sector and more to spend money. This is linked to the trends of increased tourism and demand for luxury goods, he says to DN.
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