Chinese travelers’ spending seems to be slowing but there is still room for optimism, according to Global Blue.

The growth in shopping expenditures by Chinese shoppers worldwide slowed to 16 percent in December, down from 42 percent growth in November.

But despite the slowdown, the travel tax refund company stressed that there are still plenty of opportunities for luxury goods makers in China. They just need to be savvy about understanding shifts in consumer preferences, the company said. It also noted that China’s GDP grew 6.9 percent last year, which still outstrips the growth many other countries are seeing.

“A growing Chinese middle class and a shift away from conspicuous luxury consumption is opening up opportunities for affordable luxury goods purchases,” Global Blue said. “Luxury brands should not underestimate the quickly changing [behaviors] and preferences of Millennial travelers; a desire for unique cultural experiences combined with luxury lifestyle opportunities is high on their agenda.”

In terms of its international data, Global Blue said growth in global tourism spendings slowed to 11 percent in December, down from the 21.5 percent surge seen in November.