One little logo means big bucks from China tourist market, says UnionPay
By placing Chinese credit card company UnionPay’s logo on more shop fronts, Australian businesses will have the potential of attracting almost 20 times more business from Chinese tourists than if no logo is displayed at all.
Or at least this is what Chinese payment company UnionPay is predicting as it rolls out a new campaign to make its payment facilities more accessible to Chinese tourists.
Chinese tourists are expected to spend around $9 billion in Australia by 2020. The UnionPay campaign will distribute 300 logo stickers to stores and restaurants in Sydney’s CBD, in a bid to help Australian business tap further into this lucrative market.
According to UnionPay, every Chinese citizen owns at least one UnionPay credit card, with the average spend around RMB800 (roughly AU$140) per purchase. Currently, Chinese visitors can only bring a maximum of US$5000 cash with them per trip, however, bringing credit cards gives Chinese tourists unlimited spending potential.
The campaign also coincides with news that the expected growth of Chinese visitors to Australia is to reach one million in 2020.