Chinese overseas students a lucrative market for retailers
Chinese overseas students spend over 380 billion RMB (US$56.2 billion) offshore each year – 80 per cent of it on tuition fees and daily expenses, making them a lucrative target market for retailers.
According to the Report on the Spending of Chinese Students’ Abroad (2017) issued by UnionPay International this week, the overseas study market is growing steadily, with students become younger and their choices of destinations more diverse.
The report points out that the transaction volume of UnionPay cards in overseas study-related fields continues to grow. Now, over 2000 educational institutions outside Mainland China accept UnionPay cards for tuition payment, and the UnionPay service system for students studying abroad keeps improving.
The US, the UK, Australia and Canada are still the most popular destinations for overseas study, and the Chinese students studying in these countries are increasingly younger. Japan, France, New Zealand, Singapore and Germany are also among the top 10 destinations.
Students and parents are able to pay tuition fees with UnionPay cards through platforms of peerTransfer, Western Union, and six payment platforms of banks in Taiwan (covering about 90 per cent of universities and colleges in Taiwan); and through official school sites, including the over 700 institutions under TMS and TouchNet, etc.
More than 20 million merchants and 1.4 million ATMs outside Mainland China now accept UnionPay cards. Based on this, UnionPay payment service system for overseas study has covered online/offline tuition payment, daily cash withdrawal and spending, travel spending and local card application, among other things. Various UnionPay card products are issued in over 40 countries and regions, including major destinations for overseas study.
UnionPay International has built on-and-off campus card-using ecosystem surround the prestigious schools allowing students to use UnionPay cards at campus merchants, bookstores, restaurants, supermarkets, drug stores and cinemas.