200 million Chinese tourists set to travel abroad in 2020
Chinese international tourism spending reached $261 billion in 2016 and CLSA projected that the spending will reach $429 billion in 2021.
Some 200 million Chinese tourists are projected to travel overseas by 2020, according to “2017 Global Tourism: Making waves in Asia”, a report by Asian investment firm CLSA.
The report explored key growth drivers in Chinese outbound travel destinations, a theme that CLSA has tracked since 2005.
Chinese international tourism spending has more than tripled since the US$73 billion (Bt2.5 trillion) recorded in 2011, reaching $261 billion in 2016. CLSA anticipates Chinese tourist spending overseas will reach $429 billion in 2021.
While Chinese tourists express a stronger desire for new experiences, safety remains a key concern. CLSA’s 2017 survey findings indicate that 70 per cent of respondents claim safety as the most important factor influencing destination choices, followed by travel costs and sightseeing.
CLSA expects gaming, cosmetics, luxury and online sectors to benefit most from the multi-decade Chinese tourism theme. Luxury sales to Chinese tourists are estimated to reach 35 per cent of global sales by 2020. CLSA’s longtime view that online travel remains a direct play of the Chinese tourism theme is supported by a very high 80% share of Chinese outbound travelers making their bookings online.
The 235-page report reveals research findings from 409 experienced Chinese outbound travellers across 25 cities, with an average age of 35 years and average monthly income of 20,000 yuan.
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