The collection of outbound trips made by Chinese travellers is seeing double-digit growth, due to rising disposable incomes and web bookings, reveals exclusive research unveiled today (8 April) on the WTM Vision Conference – Beijing.
Forecasts by Euromonitor International reveal that outbound trips from China are expected to record a ‘sharp’ 15% rise in CAGR (compound annual growth rate) from 2012-2017.
Hong Kong and Macau are the preferred destinations but non-Asian countries are rising in importance, delegates have heard today.
Meanwhile, inbound tourism flows to China are forecast to grow at a 2.3% CAGR over a similar period, reveals the Forecast Revisit for the worldwide Travel and Tourism Industry report.
Hong Kong is the most important source of arrivals, accounting for 27m, but Western European and US markets are expected to grow, Ray Li Senior Research Analyst at Euromonitor International states.
He will even reveal how rising disposable incomes are resulting in a ‘sharp’ rise in sales of discretionary goods and services, with travel – along side cars and fashion – especially favoured.
Also, the changing role of ladies is driving demand for clothing, cosmetics and travel, in line with Euromonitor international.
Another significant factor within the Chinese travel market is the intensifying competition between China’s online travel agencies, including Ctrip, Qunar and eLong.
China is the sector leader for choice of internet users and smartphones sold, and web giants akin to Tencent and Baidu are making inroads within the online travel market, delegates on the WTM Vision Conference – Beijing heard.
Chinese hotels are performing strongly, and although China’s hotel industry is dominated by budget properties, the luxurious segment is anticipated to realize strongest growth between 2012 and 2017.
Reed Travel Exhibition Director World Travel Market Simon Press, who opened the conference today, said: “WTM is delighted to be returning to China for its second Vision conference inside the country, following the success of last year’s inaugural event which occurred in Shangai.
“China’s influence at the global travel and tourism continues to grow. WTM has first-hand experience of this with increasingly exhibitors and visitors attending the development from China, alongside increasingly buyers targeting Chinese exhibitors.”
The conference is in association with China Business Network was held in Beijing Marriott Hotel City Wall.
As well because the report from Euromonitor International, the development will feature high-calibre speakers sharing expert analysis, statistical assessment and interpretations with the industry’s senior leaders.
Delegates will receive the Euromonitor International report via email at no cost after the conference.