China’s Travel Growth Outpacing  All Other Nations

China’s Travel Growth Outpacing  All Other Nations

China’s Travel Growth Outpacing  All Other Nations 

Chinese tourists becoming the Key driver of global tourism

China’s travel industry is projected to grow at an average rate of 8% Y-Y annually from Y 2017 to Y 2027, outpacing other major economies like India and the US, according to the World Travel and Tourism Council.

The upcoming 1 to 8 October Golden Week national holidays will be a barometer on the booming industry, with China Tourism Academy projecting 710-M trips, up 10% from Y 2016.

 As China’s travel market takes off, all eyes should be on the country’s roughly 400-M millennials, who will drive spending on airfare, hotels, theme parks, casinos and cruises world wide in the years to come.Chinese will take almost 70% more trips overseas in Y 2020 compared to Y 2015, fueling growth in tourism and aiding transportation and infrastructure, the tourism analysts said in a report last week.

In Y 2015 Chinese made 128-M trips abroad, government data show, with adults ages 18 to 34 accounting for about 60% of outbound travelers that year, according to the data.

Travel within the world’s most populous nation is booming, as consumers with more disposable income seek more exotic experiences and far-flung destinations than their parents. Industry growth is underpinning a broad range of domestic activity, from ski resorts and tropical hotels to high-end manufacturing of trains and planes. This change is accelerating the economy’s transition away from the old smokestack drivers of growth.

Travel accounted for 9% of China’s economy in Y 2016, according to the World Travel and Tourism Council, which projects the industry growth will average 8% annually from Y 2017 to Y 2027, outpacing all major economies including the United States.

Have a terrific weekend.

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