Renub Research says The Chinese Outbound Tourism Market is a fast growing source market for most of the destinations; it is set to bloom in the coming future and leave its mark on a wider range of destinations. The thriving pace of growth is expected to continue. With increasing average income and a less restraining tourism policy, Chinese people are able to travel within and outside of their homeland. China has grown rapidly as a major source of outbound tourists and has become a key tourist market in the world in its Report China Outbound Tourism market and Forecast. As per our analysis; China Outbound Tourism market has crossed US$ 200 Billion mark in 2016 and will further grow with a CAGR of 20.3% from 2017-2022.
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The report provides the in-depth study of the Chinese outbound tourism market and forecast; segmented by Holiday/leisure, Visit Friends and Family (VFR), Business and others by visitors’ arrivals and spending. China outbound tourism market; Hong Kong holds the highest share in terms of visitors and their expenses while visiting the country. While in terms of Chinese outbound visitor receipt; United States stands at second place.
China Approved Destination Status Countries
According to China’s National Tourism Administration, it has granted 140 countries and regions as approved destination status. Currently, Chinese citizens have a tremendous number of destination choices as they have more than 140 destinations to choose where they want to visit.
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Chinese Tourists- Nature of Spending
China continued to lead international outbound tourism not only in visiting countries but in terms of expenses also. Gift giving is a common act in the world, and when it comes to Chinese culture, they not only believe in the selection of gift item is important, but how much they spend on it, how they wrap it, and how they present it are equally important. This nature of Chinese visitors significantly influences the inbound receipt of the country where the Chinese visits.
Millennials are desirable to endeavor the cultures which are different from them and eager to explore the world, leading to structural upside in fun related experience based spending which includes sports, travel, media and eating out. Around two-thirds of current outbound travelers are millennials (15-35 years old).
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The Report Studies the China Outbound Tourism Market on the basis of:
Top 10 Countries (2011 – 2022)
4. South Korea
5. New Zealand
9. United States
10. Hong Kong
Tourism Types (2011 – 2022)
• Holiday Tourists Arrivals & Market
• Visit Friends and Relatives (VFR) Arrivals & Market
• Business (MICE) Arrivals & Market
• Others Arrivals & Market
We recommend this report as must-read for Travel and Tour stake holders, Hotel Industry, Tourism Ministry, Consulting firms, Private Equity firms, Venture Capital firms etc.
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