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Over the period of time, China has grown from nobody of the travel marketplace to the world’s most powerful outbound tourism market, surpassing United States. In 2017, Chinese travelers took more than four billion domestic trips and nearly 130 million overseas trips. Considering China’s population and its growth, it is predicted that in the near future; the number of Chinese residents traveling overseas is set to grow further. China Outbound Tourism Market is projected to cross USD 500 Billion by the year 2024.
China is among the world’s fastest growing markets and so when it comes to tourists spending, Chinese travelers hold the topmost position. According to the United Nations World Tourism Organization (UNWTO) Chinese residents has spent nearly USD 300 Billion on their trips to foreign countries. It is believed that Chinese tourists spending in foreign countries will further increase in the next couple of years due to the increasing number of millionaires in the region. Additionally, more than 70 percent of the Chinese tourists who are visiting foreign countries either travels with family or their friends; as a result, these groups are the world’s maximum overseas spenders per single trip. Though Chinese tourists choose to be economical on lodging, food, and transportation but they become lavish when it comes to shopping.
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• Holiday segment has the highest market in China Outbound Tourism Market. Rest 3 segments covered in the report are Visit Friends and Relatives (VFR), Business (MICE) & Others (Education, Medical Treatment).
• Country-wise, Hong Kong, Taiwan and South Korea are most visited by Chinese tourists due to easy accessibility, affordability and culture similarity.
• United States is having the highest China Outbound Tourism Market. The report provides the tourists market data on 10 countries Australia, Canada, Japan, South Korea, New Zealand, Singapore, Taiwan, Thailand, United States and Hong Kong.