‘Structurally hurt’: why are Chinese tourists spending less overseas than before?

Chinese tourist numbers are recovering across Asia after a pandemic-era contraction, buoyed by the expansion of visa-free policies and a stronger yuan. But one thing has not returned: the spending sprees that used to boost duty-free retailers around the world. The trend can be clearly seen in South Korea, which relied on Chinese travellers for 70 per cent of its duty-free sales before Covid-19. Around 5 million visitors from China arrived in the country during the first 11 months of 2025, a...