Chinese tourism boon to remain robust through 2020

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The number of outbound Chinese tourists has been forecast to rise dramatically and reach an estimated 200 million by 2020, according to a new global tourism report by CLSA.





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That is nearly a 50% increase over the number of Chinese outbound tourists for 2016, the report noted, adding that Hong Kong, Thailand, the Republic of Korea and Japan are the most-visited destinations.

Vietnam was the 10th most visited country by Chinese tourists for 2016 after a policy change by the Chinese government loosened the requirements to allow increasing numbers to visit its southern neighbour.

Other factors driving the spike in the Chinese tourist numbers included eased travel restrictions, a greater desire for experiencing diverse cultures and activities as well as a change in employment policies where workers are getting extra holiday time each year.

The numbers of tourists crossing the China-Vietnam border in the first half of 2017 have continued to mount—increasing by 42% year-on-year to an estimated 4.66 million, according to the Xinhua News Agency.

The top 10 destinations stand to gain from the spending power by Chinese tourists, the report said.

The CLSA study polled more than 400 experienced international Chinese travellers across 25 cities with an average age of 35 years and monthly earnings of US$2,900 (20,000 yuan).

Over the past three years, 32% of respondents spent more than US$885 (6,000 yuan) per trip on shopping abroad, three percentage points below 2015 and a dramatic 10 percentage points down against 2014.

The drop was partly due to the weaker yuan, which weakened 7% against the US dollar last year, but also because of tightened scrutiny on luggage at Chinese customs upon return to their homeland, the report said.

“Yuan depreciation and stricter customs checks are among the factors weighing on overseas shopping – but as Chinese travellers become more sophisticated, shopping continues to be less important a tourism driver than in the past,” said the report.

Additionally, some respondents commented that shopping while on holiday has lost a lot of its appeal, with many international goods now readily available in the Chinese market.

The gaming, cosmetics, luxury and online segments of the economy are expected to benefit most from Chinese tourism, with luxury sales particularly estimated to reach 35% of global sales by 2020.

Hong Kong, the report predicted, may receive as many as 66 million visitors by 2020, up from last year’s 57 million, with each visitor spending an estimated US$1,900 in total on each trip.

Online travel companies that help Chinese tourists book their hotel, rent cars or arrange other services will be the biggest winners, it added, as 80% of overseas Chinese travellers now make their bookings online.

VOV

Via : Sapa Luxury Travel

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