Why is China now a top travel market?
If you wonder why China has emerged as one of the top travel markets in the world with both domestic and international travelers, infrastructure for road, rail and air has been intensified to make getting around much easier than ever — a major factor in its popularity.
"China is the most attractive place in the world right now for hotels. That’s why investment capital is racing there and why the major international brands are racing there too," Patrick Ford, president of US.-based Lodging Econometrics, wrote in an article on www.time.com.
China is now the fourth top destination for tourism, but is expected to become the number one destination by 2020, according to the World Tourism Association.
China is predicted to see major growth in its domestic travel from 2011 to 2013, according to a research report, China Tourism Industry Forecast to 2012, by traveldailynews.com.
Online travel bookings in China are estimated to be at US$15.4 billion by this year, up from $1.5 billion in 2006, according to emarketer.com.
“China’s travel industry is driven by a population of over 1.3 billion people and a steadily increasing middle class with money to spend on travel. As wages increase, so will the spending on non-essential items such as travel and recreation,” says Wall Street Pit.
The site adds that Chinese travel stocks “are in favor” as well.
In the Chinese travel and hotel area, there are numerous operators. These include China Lodging Group, Limited (NASDAQ/HTHT), Home Inns & Hotels Management Inc. (NASDAQ/HMIN), and 7 Days Group Holdings Limited (NYSE/SVN).
By David Wilkening
David
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