China’s Outbound Tourist Boom

According to the China Outbound Tourism Research Institute (COTRI), more than 80 million such trips will be tallied up this year -- from 70 million overseas journeys in 2011, and a 20 percent spike from the 57.4 million trips recorded in 2010.

In accordance with the rising number of Chinese tourists, they are also spending more money when they arrive in foreign destinations.

The Chinese Tourism Academy (CTA) estimates that Chinese travelers shelled out $69 billion last year, a 25 percent jump from the $55 billion figure in 2010.

China is now the third biggest global outbound tourism source market, COTRI noted, behind Germany and the U.S. – with China rapidly closing the gap.

Taleb Rifai, Secretary-General of the United Nations World Tourism Organization (UNWTO) recently declared: "We can expect to see China become the number one country in terms of both receiving and sending tourists in the next five to seven years.”

Indeed, the Chinese are benefiting from advances in transportation and communication, as well as policies established by the government, COTRI stated.

“The expanding tourist base will be demanding particular standards in order to meet their unique needs, challenging the assumption that 'western' tourist behavior is the norm in international tourism,” the group added.

COTRI indicated that China’s growing army of affluent are eager to show off to the world “their increased purchasing power in the major tourism destinations.”

According to the Chinese Millionaires Wealth Report 2011 published by Hurun, more than one-quarter (29 percent) of wealthy Chinese regularly travel to foreign lands; almost double the 16 percent figure in 2009.

“Chinese millionaires have taken on average three overseas trips in the past year, with female millionaires travelling more than male, and men more likely to travel for business,” COTRI said.

Well-heeled Chinese are particularly enamored of visiting Japan and France, while Hawaii is gradually losing its appeal.

Still, the vast majority of Chinese travelers – regardless of wealth – still travel to neighboring countries in Asia.

As the number of people who are in a position to consider overseas travel rise, China’s Asian neighbors are likely to be the main beneficiaries,” said Victoria Lai, China Analyst at the Economist Intelligence Unit (EIU).

Source - ibtimes