Europe a good deal for city's shopaholics
- Source: Global Times
- [09:47 June 01 2010]
- Comments
A citizen browses the packages on offer in a travel agency in Shanghai. Photo: IC
By Li Xiang
The weakening euro and increased confidence in the economy are encouraging more Shanghainese to visit Europe, and to spend more when they get there.
According to a report by Monday's Jiefang Daily, visitors from Shanghai to Europe are now spending an average of 1,300 euros ($1,599.2) per day, compared to 800 euros ($984) to 1,000 euros ($1,230) before the Greek debt crisis sent the value of the euro tumbling.
Since a 110 billion euro ($135.22 billion) loan for Greece was agreed by the Eurozone countries and the International Monetary Fund on May 2, the value of the euro has fallen from 9.09 yuan ($1.33) to 8.37 ($1.23) yuan as of Monday.
France and Italy, with their famous designer brands, are a particular draw for well-heeled Shanghai residents, Zhu Zhenkang, a tour guide in charge of Europe-bound groups at Shanghai China International Travel Service (Shanghai CITS), told the Global Times Monday. "Thanks to the recent drop in the euro to the yuan, Shanghai shopaholics going to Europe can get an effective discount of up to 20 percent," he said.
Package tours to Europe are selling well, with some booked up for the next few months.
Qin Yan, head of outbound tours at Spring International, a Shanghai-based travel agency, told the Global Times that there are no spaces on their 10-day-long Europe tours until mid- July.
"Some popular itineraries, like the week-long tour taking in France, Italy, the Netherlands and Luxembourg are booked up until the end of the summer vacation in August," she added.
A member of the marketing staff at Shanghai CITS surnamed Wang told the Global Times that most Europe-bound Chinese travelers are middle-aged and relatively affluent, as most countries in Europe require visa applicants to prove they hold a certain amount of capital and property.
However, for younger people in the city, the weakening euro alone is not enough reason to take a trip to Europe to stock up on famous brands.
"Even if the macro-economic condition makes it an opportune time to head to Europe, there is still no way for employees such as myself to find the time or money to go there," Yang Xin, a senior analyst at accounting agency Ernst & Young, told the Global Times.
