China will soon transform the pattern of global tourism industry

Published on : Tuesday, May 6, 2014

globeChen Feng, the chairman of Hainan-based airlines and logistics conglomerate HNA Group, said, “Chinese tourism development is still in the early stages. China will become a big economic and cultural power and will change the pattern of the global travel and tourism industry. It will have a huge impact on this industry.”

The surprising figure of middle-class mainlanders forecast to soon catch the travel bug is forcing Beijing to develop its infrastructure, but the rest of the world seems not ready for the numbers that will disembark.

 

The rate of global change is such that the traveling Chinese globetrotter is just one, albeit major, trendsetter as rising wealth levels across the mounting world afford individuals and families the opportunity to invest more time and capital in domestic and overseas leisure tour.

 

The major receivers will be the global hotel chains, airlines, and retail and leisure facility providers, but the full effects should trickle down across the wider economy.

 

CLSA analysts said that by 2020, the number of individual Chinese traveling overseas would have doubled to 200 million from last year.
 
“In the next five years, Chinese outbound tourism will exceed 500 million trips, making Chinese travellers the single-largest contributor to a global travel economy that, according to the council, employs 1 in every 11 people worldwide,” said Vice-Premier Wang Yang at the recent World Travel and Tourism Council global summit in Hainan.

 

In 2014, Chinese nationals will spend 635 billion yuan (HK$786 billion) overseas, a threefold increase since 2008. This number will top 1.77 trillion yuan, by 2024, according to the world tourism council.

 

 

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