China outbound market to drive global tourism
Global tourism will be fueled by the spending power of Chinese tourists over the next decade, according to a new report by InterContinental Hotels Group.
While this finding itself is hardly a revelation to most in the travel trade, the survey highlights some interesting stats on both travel habits and the rise in household income heading into the next decade.
The IHG survey estimates that Chinese travelers overtook the US last year as the largest single source of international travel spending.
It says up to 97 million foreign trips will be taken by Chinese tourists annually by 2023, which represents a 5.1% year-over-year increase.
The research, conducted by Oxford Economics, suggests China’s rising middle class will drive spending of $50 billion in 25 global cities which the report focuses on.
It says a household income level of $35,000 is the threshold where overseas travel becomes affordable for Chinese families.
Between 2003 and 2013 21 million Chinese households passed that threshold the report estimates, and by 2012 another 61 million will have reached that level.
Relaxed visa requirements for Chinese travelers will also boost long haul travel, it concludes, with London, New York, Los Angeles, Sydney and Tokyo expected to reap the most benefit.
"This is a ground-breaking piece of research, which demonstrates the sheer scale of the ‘China outbound’ opportunity for cities and local economies worldwide," said IHG CEO Richard Solomons.
With the shift towards leisure travel, coupled with the 90 million Chinese households able to take long-haul trips by 2023, the country’s growing importance in the global travel market cannot be underestimated."
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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