Chinese tourism industry has emerged as a new growth avenue with increasing purchasing power, rapid economic liberalization, and favorable government policies. These developments and reforms have taken the tourism industry to new heights and introduced multistage transformations that not only attract tourists from within the country, but from overseas countries as well. The growth process can be segregated into different phases, where the initial phase belonged to the emergence of inbound travel market and moved ahead to the development of domestic and outbound travel market.
Our new research report “China Tourism Industry Forecast to 2012”, has found that, the domestic and outbound tourism segments have witnessed positive growth, despite economic slowdown and changing industry landscape. Besides, the Chinese government has taken various initiatives, such as bilateral agreements with neighboring countries, granting Approved Destination Status, easing VISA norms, tourism promotion, branding and positioning of China as a tourism hub, cultural promotion, golden weeks etc, to boost the tourism industry.
Further, China is one of the world’s largest domestic tourism markets. This can be substantiated by the fact, that nearly 2.1 Billion domestic travelers generated total revenue worth CNY 1,250 Billion (US$ 187.5 Billion) in 2010. Further, the outbound travel market is also undergoing phenomenal transformation in the country.
It is projected that, the number of tourists to China from Asian countries will increase in the coming years on the back of increase in bilateral corporation and low cultural barriers.The main countries for tourist arrivals in China are Honk Kong, Macau, Taiwan, Japan, South Korea, and Malaysia. It is projected that, Japan and Taiwan will witness significant growth in the number of tourists visiting China in near future.
The impact of recession was significant on the country’s inbound tourism, but it was not that higher as in the case of Europe and the US. However, the industry bounced back again in 2010 and is expected to gain its lost momentum from 2011 onwards. Domestic and inbound tourism markets will maintain their growth rates and contribute maximum share in revenue generation to the Chinese tourism industry.
The report incorporates an extensive research and rational analysis of the tourism industry in China. It provides segment level analysis of the industry along with future trends that may shape up with the betterment of economic conditions. The research will help consultants, industry analysts, and vendors to get an in-depth knowledge of the current, past, and future performance of the industry. The future outlook mentioned in the report has been derived by interactions with various industry veterans, experts, analyzing information from research papers, journals, and our in-house developed models.