Chinese outbound travel market ‘could take more than a year to recover’ from coronavirus
The Chinese outbound travel market could take more than a year to recover from the coronavirus outbreak, according to the Economist Intelligence Unit.
The research group based its findings on the aftermath of the SARS epidemic in 2002-03. Since then the Chinese outbound market has multiplied many times to more than 150 million people a year taking international trips.
Southeast Asia is likely to be hardest hit due it reliance on the Chinese market. It says Southeast Asia is likely to be hardest hit due to the reliance on the China market. Countries such as Thailand welcome more than 10 million Chinese travellers a year, while in Cambodia, China makes up nearly 40% of all international arrivals.
Europe and North America are less exposed but will still see declines in the low single digits, the EIU said. The coronavirus outbreak could cost the global economy about US $80 billion, it warned.
Travel industry analytics firm ForwardKeys says bookings for March and April have already plunged by more than 50%.
"The Chinese are traditionally energised and excited after Chinese New Year, but they are not planning …that is the biggest risk to our industry," said Oliver Ponti, ForwardKeys’ vice president.
Most major global hotel groups have reported hundreds of hotels temporarily closed across China and the ICAO recently said airlines will see a shortfall of at least $5 billion in revenues due to the outbreak.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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