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Asian tourists to drive Aussie luxury retail demand by 1.36 bln USD in annual revenue

Xinhua, August 2, 2016 Adjust font size:

Asian tourists taste for expensive watches and designer clothes has given the Australian luxury retail a boost, with revenues expected to reach 1.8 billion Australian dollars (1.36 billion U.S. dollars) this year.

IBISWorld, a market researcher based in Sydney, said on Tuesday as the Australian dollar weakens, it expects revenue for the Australian luxury retail sector to grow by 11 percent a year, over the next five years.

"And, if the local currency continues to depreciate, it's likely more Asian tourists will buy luxury goods because of their relatively cheapness here,"the report said.

IBISWorld said that tourists from China will account for about 30 percent of the Australian luxury retail growth.

According to figures obtained from Tourism Australia, more than one million Chinese tourists flock into the country annually and spend more than 8 billion Australian dollars (6.04 billion U.S. dollars) during their stay.

"This expenditure had boosted demand for luxury goods, and contributed to the industry's strong growth." Endit