China Inbound Tourism to Trigger Strong Growth during 2011-2013
Inbound tourism in China is projected to grow at a CAGR of around 8%, fueled by overseas investment and opening the domestic tourism market to foreign companies, says RNCOS in its latest report.
- (1888PressRelease) September 15, 2010 - The tourism industry in China is one of the fastest growing industries and has witnessed continuous development and transformation driven by two decades long economic liberalization and the government's favorable policy framework. According to our research report "China Tourism Industry Forecast to 2012", inbound industry in China will witness a significant growth during 2011-2013, fueled by overseas investment and opening the domestic tourism market to foreign companies. Inbound tourism is projected to grow at a CAGR of around 8% during 2010-2013. Besides, China is branding and positioning its tourism industry at the global level to fuel growth in tourism industry.
We have found that the recent economic growth and more affordable air travel are opening up opportunities for China's younger educated professionals to travel abroad. Total number of outbound travelers grew at a CAGR of around 11% to 47.5 Million in 2009. Increasing habits for shopping, dining, city sightseeing, visiting historical places, visiting amusement and theme parks, visiting national parks, and casinos/gambling have been playing an important role in Chinese outbound market. In addition, the Chinese government has recently declared to provide more support to the growth of outbound tourism in the future, with at least 9% more outbound travels planned annually.
We have also found that the increasing number of tourist arrivals and simultaneous rising per capita spending by tourist will boost the tourist receipts in coming years. Moreover, the tourist receipts received by top five provinces in China accounted for more than 60% of the total receipts generated during 2008. Of these five provinces, Guangdong witnessed more than US$ 9 Billion in receipts. Backed by cultural promotion, easing VISA regulations, and the government support the industry will witness strong growth in number of tourist arrivals, which in turn will increase tourism receipts.
"China Tourism Industry Forecast to 2012" provides a complete study and trend analysis of China's tourism industry including inbound and outbound travel, with analysis of key trends. It also provides information regarding key players of tourism industry in China. This will help our clients understand the Chinese tourism industry and will be handful while making decision to invest in the sector or making joint ventures.
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