Chinese travelers now hold the top spot for most money spent on vacation, according to a new report by the United Nations World Tourism Organization.
Tourists from China spent a record-breaking $102 billion in 2012, up 40 percent from $73 billion spent in 2011.
The numbers are supported by China's rising currency, as well as China's tourism growth overseas during the last 10 years, CNN reports.
The United Nations World Tourism Organization also attributes the rise to expedited urbanization that has occurred in the last two years, heightened incomes, and the government's restrictions on foreign travel relaxing a bit.
China surpassed previous number one spender Germany, and second largest spender, the United States, the report says. Both countries spent close to $84 billion in 2012 while on vacation.
CNN calculated Chinese travelers spend about an average of $1,230 per trip.
What brings forth such a high number?
It's not group tours, and it's not monument visitation either: it's shopping.
Dr. Yong Chen of Hong Kong Polytechnic University, whose specific area of study is Chinese outbound tourism, says this emphasis on shopping sets Chinese tourists apart from other global travelers.
"it is the most prominent difference and more evidential in recent years," Chen told CNN. "If you look at Chinese tourists 10 years ago, they will mainly buy souvenirs. Nowadays, they want to buy luxury products in Italy or Paris like handbags and watches."
Such luxury goods are a third cheaper abroad so Chinese tourists to fly out to shop if they're spending $10,000 on purses and only $1,000 on airfare. What they save from not paying high Chinese taxes is worth the trip alone.
Luxury retailers have been aware of this trend since early 2012, according to a New York Times article from April of last year. Companies such as Tiffany, Bergdorf Goodman, and Montblanc added Mandarin-speaking staff to major flagship stores, and opened their doors during special hours to cater to the cash-wielding tourists.
One such group was even, "treated to a private concert with the pianist Lang Lang at the Monblanc store, cocktails and a fashion show attended by the designers Oscar de la Renta and Diane Von Furstenberg, and a tour of Estee Lauder's original office," the Times said.
China's State Council has come up with a plan to continue Chinese outbound tourism even further-more skyrocketing growth figures are to be expected.
This article is copyrighted by Travelers Today, the travel news leader
