Did you know October 1st starts a week-long holiday that brings in millions of dollars to the US economy?
No, it’s not an extended Rosh Hashanah buying boom of honey and apples. It’s one of two annual Golden Weeks in China that sees nearly 600 million tourists spending $72 billion in just seven days time. While the overwhelming majority will stay in-country, millions of Chinese residents will head overseas on vacations — and shopping sprees. Here in the United States, Chinese tourist visits are projected to be 22% higher for this year’s Golden Week, according to Jing Daily.
The extended paid holiday also allows many tourists to combine business with pleasure and search for overseas properties to purchase, which may create a pop in New York City real estate sales. According to Juwai.com, a China-based real estate portal, “the influx of mainland China visitors is [...] a major factor that has driven the $93 billion in residential real estate by Chinese buyers between 2010 and 2015.”
This year, though, our cousins across the Atlantic may actually be one of the biggest beneficiaries of the buying binge. The Chinese Yuan (RMB) has strengthened by nearly 10% against the British pound in the post-Brexit economy and tourists/buyers are already streaming towards the United Kingdom. In fact, according to Investorist.com, British property inquires has soared 46% in the lead-up to the holiday week.
The next Golden Week comes in late January 2017 and coincides with Chinese New Years.
(h/t Luxury Daily)