Bharat Book Bureau Provides the Trending Market Research Report on China Tourism Source - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments under Consumer Goods category. The report provides information on industry overview, market size, latest developments, industry trends, Key players, USA presence, and their future prospects.
Summary
GlobalData's "Tourism Source Market Insights: China", provides a thorough insight into China's domestic and outbound tourism industry. The report shades light into the profiles of Chinese tourists and summarizes the key reasons why Chinese travel. The report offers an in-depth analysis of traveler flows, spending patterns, main destination markets and current and future opportunities for tourism businesses seeking to tap into the Chinese outbound travel market.
China is the largest outbound travel market in the world and its outbound and domestic tourism are among the fastest growing globally. Rising disposable income, easing of visa restrictions, improved air connectivity and the active support of the Chinese government are key reasons for the booming tourist industry in China. China is a force too big to ignore and industry players globally are seeking to effectively tap into this market.
Whereas travelers from China historically preferred travelling as part of tour groups, this trend is increasingly being abandoned, and we are now witnessing the rise of the independent Chinese travelers, who prefer to plan their trip, as well as travel, without a group. Yet, it is important that tour operators do not think of the Chinese outbound tourism market as a homogeneous one. The travel habits of some Chinese are becoming more refined and their expectations are growing. Yet, a large share of the market is still comprised of first-time travelers, pointing to the high variation between the needs of the two groups.
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Scope
- Between 2013-2017, domestic tourism grew by 10.8%, with Chinese making 2.6 billion domestic trips in 2017. During the same period, outbound tourism grew by 8.6%, with international departures from the country reaching 136.5 million.
- GlobalData forecasts that domestic trips in China will grow at a CAGR of 10.1% in the period 2017-2022 totaling 4.2 billion by 2022.
- The majority of Chinese tourists travel to Asia, and in particular in countries making up ‘Greater China' such as Hong Kong, Taiwan and Macao. Europe is the second most popular destination, with France and Italy being the top choices in the continent.
- Millennials, totaling 400 millions, are driving the outbound tourist boom. The tech savvy generation is willing to explore the world and are seeking more adventurous experiences.
- Family and multi-generational holidays in China are on the rise, as international travel is becoming more affordable.
- Experienced travelers are willing to experiment with lesser-known destinations and develop more refined demands.
- First-time travelers prefer to travel in groups as they provide them with a safety net against cultural and language barriers.
- Air connections are expanding, connecting both tier-1 and lower-tier cities with more parts of the world and enabling Chinese people to travel more.
Reasons to buy
- This report provides clear insight into developments in one of the fastest growing outbound tourist market.
- The report uses data and analysis to discuss future trends related to domestic trips, international departures, traveler spending, and main destination markets.
- Moreover, the report explores the different profiles of Chinese tourists and the reasons why they travel, hence providing an insight into the trends in different segments of the market.
- The reader gains a strong understanding of the opportunities in the country, as well as the risks, to support better business decisions.
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