The future of Chinese travel

China is becoming the largest source market for international travel. Already the global leader in tourism departures, it is estimated that China overtook the US as the largest source of international travel spending in 2014. In total, Chinese travellers made over 67.5 million trips in 2014. Annual Chinese arrivals are expected to total nearly 97 million by 2023 at an average annual growth rate of 5.1% over the ten-year forecast horizon.

Robust income growth and expansion of China’s middle class will make long-haul travel more achievable for Chinese households. The number of Chinese households earning above $35,000 per annum – a key income level at which international travel becomes more affordable – rose by 21 million from 2003 to 2013. An additional 61 million households will pass this threshold by 2023.

Already, Chinese travellers are ranked among the top spenders on a per-trip and per-night basis. Redistribution of Chinese households toward the middle and upper income classes will raise the value of Chinese travellers to international destinations as preferences continue their shift toward long-haul travel, higher-cost accommodations and upscale shopping.

sourced:traveldailynews.asia