Favourable exchange rates boost Chinese spending in Russia

Despite facing an economic slowdown, data from the Moscow tourism department shows that 1.2 million Chinese tourists visited Russia in 2015, spending nearly $1bn, with many buying luxury goods. Anush Gasparyan of Fashion Consulting Group, attributes this to the yuan exchange rate against the rouble having almost doubled over the past year, making Russia relatively cheap for Chinese visitors. Also, consumers in China can pay up to 70% more for luxury goods than in Europe prompting some to shop abroad. Russian retailers have also lowered their prices to bring them more in line other European countries.

Over one million tourists from China visited Russia in 2015, spending nearly $1 billion, according to data from the Moscow tourism department.

Chinese travelers are now ranked number one for spending abroad, according to the managing director of the travel association World Without Borders Svetlana Pyatikhatka. “This crucial factor forces world tourism markets to fight for visitors from China,” she said.

Chinese Tourists Spend $165 Billion Abroad in 2014! US $111bn, Germany $92bn, UK $58bn, Russia $50bn https://t.co/iX1xPqXyer — Shenoll (@ShenollM) January 4, 2016

China is the biggest source for international tourism for Russia, according to Forbes. Tourists from China are interested in the common communist past of the two countries. The China National Tourism Administration (CNTA) has an agreement to develop so-called ‘red tourism’ with the Ulyanovsk Lenin Memorial Museum.

51% more Chinese tourists visited Russia in 2015 than a year before - welcome! pic.twitter.com/tQFuF50tIV — Russian Embassy, UK (@RussianEmbassy) October 19, 2015

In June 2015, Russia and China agreed to open ten more 'red tourism' routes. Twenty tour operators from both countries cooperate on the trips.

Most Chinese tourists visit Moscow, Kazan and St. Petersburg. Sochi has also become a popular destination since the 2014 Olympics.