Chinese expected to make 200 million trips abroad by 2020
July 24, 2017 Category Travel, Weekly
Chinese tourists are expected to make 200 million outbound trips in 2020, a 48% increase from last year’s 135 million, led by Hong Kong, Thailand, South Korea and Japan as the most-visited destinations, according to CLSA. The cosmetics, gaming, luxury and online sectors are likely to be the biggest winners, with spending expected to grow 64% to USD429 billion in 2021 from last year’s level. “While 2016 was challenging, impacted by terrorist attacks in Europe and weaker spending in the U.S., the tide turned in the third quarter, we believe largely driven by wealthy Chinese consumers,” CLSA Analysts Oliver Matthew and Jon Oh wrote in a report, their fifth tracking China’s outbound tourism trends since 2005. “Other driving factors affecting Chinese tourist numbers included extra holidays, eased travel restrictions, and greater desire for experiencing different cultures and activities.” Hong Kong was still the number one destination for mainland Chinese tourists between 2013 and 2017, followed by Thailand, South Korea, Macao and Japan, the South China Morning Post reports.
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