Colin Neil, SVP Business Development at Adyen, explains how retailers should target the growing Chinese market in Manchester…
Businesses throughout the UK often talk about the best tactics to get into the global market and grow their footprint across the world, but what if the global market shows up right on their front doorsteps?
There has been a vast increase in the number of consumers from China – one of the largest retail markets in the world – visiting Manchester. So much so that the city now boasts a resident Chinese population of around 15,000 and a thriving Chinatown, with tourist visitors set to increase by a further 40% in 2020 to reach £1 billion in spending.
Not only has the sheer number of consumers grown in recent years, but the amount of money Chinese visitors are spending while they’re here is rising – the average spend per visit in the North West has leapt by 94% to £2,167.
As a result of the growing spending power of Chinese visitors, the Manchester Chinese Forum has sought to deepen the economic and cultural ties between Manchester and China. Some economists even believe that a strong relationship could offset any potential retail downturn after Brexit.
With the connection deepening, Manchester’s Chinese student population has grown at twice the rate of the national average, and Manchester University has the highest number of Chinese students anywhere in Europe.
