Chinese students studying abroad can enjoy consumption discounts and payment experience overseas through credit card institutions such as Visa. According to the performance of Visa digital payment products in overseas transactions, observe and analyze the characteristics of Chinese overseas students’ consumption behavior. These also provide more business inspiration and decision-making basis for the practitioners of the whole overseas study business circle.
The proportion of transactions in countries and regions studying abroad such as Europe and Asia continued to increase
COVID-19 had some impact on the overseas study market in 2021. Nevertheless, the distribution of consumer countries and regions of Chinese overseas students said a positive message. The overseas transaction volume in 2021 came mostly from four major destination countries: the United States, the United Kingdom, Canada and Australia. In total, the transaction volume of these four countries accounted for about 67%. The proportion of France, Hong Kong, Germany, the Netherlands, Ireland and other countries and regions has increased compared with 2020.
In terms of the proportion of specific countries, both the United States and the United Kingdom have increased compared with 2020. They accounted for 51.38%; However, Canada and Australia have declined compared with 2020. The overall transaction volume of major destinations for studying abroad in Asia, such as Japan, and Singapore, increased significantly from 8.72% in 2018 to 11.21% in 2021. Among them, included 15% in Japan, 58.1% in Singapore and 20.4% in Hong Kong, China. The overall transaction volume of major European destinations for studying abroad has also maintained a good growth in recent four years. Among them, those of Germany, the Netherlands, Ireland and Switzerland have grown significantly.
Significant increase in diplomatic turnover of overseas consumption
With the recovery of the overseas study market in 2021, the overseas transaction volume of Chinese students increased significantly in 2021. From the perspective of the seasonal distribution of consumption, the second half of the year saw a particularly significant increase. The peak of consumption still occurred in the school opening season in August and September. That was mainly for education expenditure such as tuition fees.
Education expenditure still tops the list
In 2021, education still was the most important consumer expenditure for international students. Secondly, it was professional service fees. And groceries and clothing remained the third and fourth place, the same as in 2020. With the relative relief of the epidemic, the ranking of restaurant transactions rose.
In addition, the consumption scenes of international students in different countries have their own characteristics. Chinese students in the United States and Canada spend more in restaurants, Chinese students in the United Kingdom spend more on shopping in malls, and Australian students spend more on groceries and clothing.
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