Data: China's big spenders
In the past few years the Chinese government has loosened restrictions on foreign travel, enabling millions of its citizenry to visit foreign lands. Along with a greater ability to travel is the enhanced prosperity Chinese consumers have reaped at home — and now bring with them on vacations to purchase foreign goods.
This growing affluence, and the willingness to spend it, has not gone unnoticed by retailers and tourism boards around the globe. Merchant acquirers and payment processors have worked to attract Chinese tourists' spending. Ultimately, this has meant enabling Chinese payment schemes such as Alipay and WeChat Pay at the point of sale.
The sheer magnitude of Chinese travelers and their spend, along with the upward trend, is a significant opportunity.