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Study reveals future of Chinese tourism market
InterContinental Hotels Group has partnered with Oxford Economics to publish one of the most comprehensive studies into the Chinese travel market ever undertaken.
The report reveals the scale of the opportunity for global travel destinations to benefit from shifting patterns in Chinese travel, with London, New York, Los Angeles, Sydney and Tokyo expected to benefit most.
The Future of Chinese Travel report shows that favourable economic and demographic trends shaping the Chinese travel market are set to fuel huge increases in demand for international travel over the next decade. It also reveals the opportunities this growth will present, as Chinese traveller preferences evolve towards long-haul, leisure-driven travel. The study reports that increases in leisure and retail spend will contribute to significant increases in the value of Chinese travellers to local economies.
Oxford Economics President Adam Sacks explains “The Future of Chinese Travel Report provides a comprehensive view of Chinese travel and shows that overseas trips will become possible for tens of millions of new Chinese households within the next 10 years.
“History shows that destinations which improve access for Chinese travellers, experience a significant growth premium in the number of arrivals. This represents a clear opportunity for both countries and international cities to benefit from the huge future increases in Chinese outbound travel.”
IHG Chief Executive Richard Solomons said the report was a ground-breaking piece of research, adding “the country’s growing importance in the global travel market cannot be underestimated.”
Key findings of the report include:
• 88 million Chinese households will be able to travel overseas by 2023;
• In the next decade, over 60 million Chinese households will cross the annual income threshold of $35,000, at which point international travel becomes more affordable;
• China will overtake the US, UK and Germany to become the largest source market internationally for long-haul travellers by 2020;
• Cities are the primary destinations for Chinese outbound travellers, with over 85% heading for major cities around the world;
• Destinations with easier access, including simpler visa policies will gain most.
Click here to view The Future of Chinese Travel report.
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