China Outbound Tourism Market will be an opportunity of more than USD 500 Billion by 2024 – Renub Research
Across the globe, the number of outbound travel from China has reached new heights. China Outbound Tourism has become a vital source of market for the rest of the world. China has emerged as not only the region for the world’s fastest-growing source of inbound tourism but outbound tourism too. The number of Chinese outbound tourists grew by significant rate year over year. In 2016, the number of Chinese outbound travelers was 135 million, an increase of 6 percent from the previous year 2015. Further, in terms of tourism expenditure, China again holds the top spender position in the international tourism market and remained so ever since. China Outbound Tourism Market will exceed US$ 500 Billion by the end of the year 2024.
Witnessing the promising numbers of Chinese outbound tourism, several destinations across the world, see the immense potential of the Chinese outbound tourism market, but very few have realized this potential. China is a big country, and the increasing outbound travel demand, spending power and consumption preferences of Chinese travelers vary from one region to another. Hence, penetrating the China outbound tourism market poses are a markable and unique set of opportunities and challenges to the rest of the world. On an estimate, the total tourism expenditure from China has grown from US$ 24 billion in 2006 (3 percent of the world’s total) to US$ 261 billion in 2016 (21 percent of the world’s total tourism spending).
The primary reason for this enormous growth in the number of Chinese outbound tourist is China’s Open Door policy, which has led the country becoming one of the major outbound markets for the international market. Since 2014, each year, more than 100 million Chinese tourists visited a foreign land, and the number further intensifies with every passing year.
Request a free Brochure copy of the report: https://www.renub.com/request-brochure-page.php?gturl=china-outbound-tourism-market-outbound-tourists-visits-tourists-market-spending-and-forecast-1085-p.php
In addition, the growing number of middle-aged people who are well educated, earning a high salary, increasing per capita purchasing power coupled with the nature of exploring the world, further expected to drive the China Outbound Tourism market over the forecast period. Other than middle-aged population, a prominent segment of Chinese society (upper-class), who are mature and have an advanced level of education as well as have huge disposable income and time for travel, further escalates the China Outbound Tourism market to touch new heights of glory each year.
Request a free sample copy of the report: https://www.renub.com/request-sample-page.php?gturl=china-outbound-tourism-market-outbound-tourists-visits-tourists-market-spending-and-forecast-1085-p.php
According to statistics by the National Immigration Administration, (China), the majority of Chinese outbound travelers like to visit Hong Kong, Taiwan, South Korea, and Macao. Apart from these regions, Chinese outbound tourists also travel to Thailand, Japan, Singapore, Vietnam, Malaysia, Indonesia, the United States, the Philippines, Cambodia, and Russia affluently. The prime reason, Chinese outbound travelers, visit these destinations over and again as they prefer it to be more friendly, convenient, and safer foreign destinations.
Contact Us:
Renub Research
Phone No: +1 678-302-0700 (USA) | +91-120-421-9822 (IND)
Email : info@renub.com
Web: www.renub.com