Recently published research from Business Monitor International, "China Tourism Report Q2 2016", is now available at Fast Market Research
[USPRwire, Tue Feb 16 2016] China is home to one of the largest tourism markets in the world. A growing middle class and expanding range of international transport connections have facilitated the development of a huge outbound travel market while China National Tourism Administration estimates domestic tourism accounts for some USD620bn of tourism revenue. We are forecasting healthy growth in the tourism industry throughout our forecast period to 2020, though we do note that regional political tensions and concerns regarding a slowdown in the Chinese economy could impact upon growth potential.
A further slump in the Chinese stock market in January 2016 is cause for concern, as ongoing market fluctuations serve to undermine consumer and investor confidence, which could lead to a delay in developments in the tourism industry. We do note, however, that outbound tourism bookings are maintaining strong growth.
Cruise tourism is proving increasingly popular, with one cruise company estimating that by 2020 around 4.5mn Chinese passengers will go on cruise trips, with this figure rising further to 17.5mn in 2030. Waigaoqiao Shipbuilding Co Ltd recently announced plans to build the first luxury cruise ship in China for delivery in 2020 and in October 2015 a USD3.88bn deal was agreed between China State Shipbuilding Corp, China Investment Corp and Carnival Corporation to set up a new cruise holiday joint venture based in Hong Kong.
Work is underway at the new Beijing Airport which, when complete, will become the world's largest. The airport will commence operations in 2019 with capacity for 45mn passengers, while subsequent works will increase capacity to 72mn passengers in 2025 and 100mn passengers by 2040. The scale of these works reflects the scope of the Chinese outbound travel market and its importance to the global tourism industry.
Official statistics regarding the size of the outbound travel market have varied in 2015 as the government implemented new definitions for measurement of tourism departures. We put the outbound travel market at 110mn in 2015, increasing to 114mn in 2016. The inbound travel market is smaller but still significant, with arrivals expected to increase by 4.7% to reach 27.7mn in 2016.
The China Tourism Report has been researched at source and features BMI Research's independent assessment and forecasts for tourist expenditure; government expenditure on tourism; passenger arrivals and departures by mode of transport, reason for travel, origin and destination; and the accommodation market.
BMI's China Tourism Report provides industry professionals and strategists, corporate analysts, associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the Chinese tourism industry.
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