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New C&M analysis: China Travel and Tourism Market
Travel and Tourism in China - a new market research report on 2014-04-18 21:17:04
With the steady growth in China´s economy over the review period, disposable income levels among Chinese consumers have been continuously on the rise, resulting in strong growth in the numbers of holidays taken during 2012. This combined with the growing interest in achieving a better quality of life and greater personal wellbeing to boost growth in travel and tourism towards the end of the review period. Meanwhile, both outgoing tourist expenditure and domestic tourist expenditure enjoyed double-digit growth in current terms in 2012.
2012 saw lingering uncertainty in the global economy and a worsening of the European sovereign debt crisis and this hit inbound tourism in China hard, with reduced current value growth in incoming tourist expenditure and a decline recorded in inbound arrivals during 2012. Both business and leisure inbound tourism were negatively influenced by rising unemployment rates and less vigorous business activity in Europe and North America.
Online sales currently represent only a minimal proportion of travel and tourism value sales, although this low base means that vigorous double-digit current value growth was possible in online sales during 2012. The convenience of online sales and the wide selection of travel products and services on offer online continue to attract many Chinese people to make travel and tourism purchases online. In addition, the number of regular internet users in China increased rapidly over the review period. Direct suppliers joined the increasingly competitive online travel and tourism scene, competing with the already numerous online intermediaries. Meanwhile, mobile applications are now being employed by both direct suppliers and intermediaries to facilitate on-the-go use of online travel and tourism channels due to rocketing smartphone use in China.
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