China tourism seen to take off
By Lydia Chen |
March 31, 2011, Thursday
|
Print Edition
Print Edition
CHINA is expected to surpass Japan to become the world's second-largest tourism market by 2013 as incomes rise and Chinese become increasingly eager to travel abroad, according to a latest survey by Boston Consulting Group Inc.
The survey was conducted in the third quarter of 2010, and covered 4,250 Chinese travelers, both domestic and outbound, in 15 cities.
It estimated that the travel market in the world's second largest economy would grow at 14 percent a year to 5.46 trillion yuan (US$838 billion) in 2020 from nearly 1.5 trillion yuan last year.
International travel by Chinese tourists is expected to grow 17 percent a year over the next decade, the report said.
At present, more than two thirds of all international travel by Chinese is to Hong Kong or Macau but the report, conducted before the March 11 earthquake and tsunami, found that 25 percent of international travelers arriving in Japan and South Korea were expected to come from China by 2020.
Chinese will also be one of the largest sources of tourism growth in Europe, with the number of Chinese travelers expected to quadruple in the next 10 years, the report said.
In North America, travelers from China will rank third in number after those from the UK and Japan, it added.
Overseas retailers are set to benefit, the report said, as it found that Chinese people were willing to spend much more than they do when they travel domestically.
It said that Chinese tourists spend more than half their travel budget on shopping for gifts for themselves, their families or their friends.
Luxury products were some of the most popular items on the travelers' shopping lists when they visit Hong Kong, Macau and foreign countries, it said.
Spending by Chinese tourists will jump almost five times to 1.5 trillion yuan in 2020, triple that of their Japanese counterparts, the company forecast in the report.
The survey was conducted in the third quarter of 2010, and covered 4,250 Chinese travelers, both domestic and outbound, in 15 cities.
It estimated that the travel market in the world's second largest economy would grow at 14 percent a year to 5.46 trillion yuan (US$838 billion) in 2020 from nearly 1.5 trillion yuan last year.
International travel by Chinese tourists is expected to grow 17 percent a year over the next decade, the report said.
At present, more than two thirds of all international travel by Chinese is to Hong Kong or Macau but the report, conducted before the March 11 earthquake and tsunami, found that 25 percent of international travelers arriving in Japan and South Korea were expected to come from China by 2020.
Chinese will also be one of the largest sources of tourism growth in Europe, with the number of Chinese travelers expected to quadruple in the next 10 years, the report said.
In North America, travelers from China will rank third in number after those from the UK and Japan, it added.
Overseas retailers are set to benefit, the report said, as it found that Chinese people were willing to spend much more than they do when they travel domestically.
It said that Chinese tourists spend more than half their travel budget on shopping for gifts for themselves, their families or their friends.
Luxury products were some of the most popular items on the travelers' shopping lists when they visit Hong Kong, Macau and foreign countries, it said.
Spending by Chinese tourists will jump almost five times to 1.5 trillion yuan in 2020, triple that of their Japanese counterparts, the company forecast in the report.
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