Chinese tourism expected to boom in 2020

Chinese tourists’ overseas spending could hit US$429b.

Outbound trips by the Chinese are bound to reach 200 million in 2020 as the country's tourism growth remains on track, according to a survey by Hong Kong brokerage firm CLSA.

Whilst the terrorist attacks in Europe and weaker spending in the US were the top challenges in 2016, factors like extra holidays, easing travel destinations, and affinity towards other cultures drove Chinese people to travel.

Here's more from CLSA:

Chinese international tourism spend has more than tripled since the US$73 billion recorded in 2011, reaching US$261 billion in 2016. CLSA anticipates Chinese tourists will continue spending overseas to reach US$429 billion in 2021. Yuan depreciation and stricter customs checks are among factors weighing on overseas shopping, but as Chinese travellers become more sophisticated, shopping continues to be a less important tourism driver than in the past. Some survey participants commented that shopping for others while on holiday has lost its appeal, with many international goods now available on the mainland due to the rise of cross-border e-commerce.

While Chinese tourists express a stronger desire for new experiences, safety remains a key concern. CLSA’s 2017 survey findings indicate that 70% of respondents claim safety as the most important factor influencing destination choices, followed by travel costs and sightseeing. Events such as the terrorist attacks in Europe and political instability on the Korean Peninsula greatly impacted travel decisions, with Korea especially suffering the loss in visitor numbers to other regional destinations such as Vietnam.

CLSA expects gaming, cosmetics, luxury and online sectors to benefit most from the multi-decade Chinese tourism theme. Luxury sales to Chinese tourists are estimated to reach 35% of global sales by 2020. CLSA’s longtime view that online travel remains a direct play of the Chinese tourism theme is supported by a very high 80% share of Chinese outbound travellers making their travel bookings online.

Also Read

Singaporeans want sustainable travel, but only 4 in 10 will pay more

Up to the stars: 6 in 10 plan trips based on astrology

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit