China Outbound Travel Market Charts a Remarkable Course to US$ 690,719 Million, Projecting 14.1% CAGR by 2032 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
China outbound travel market is booming, driven by rising affluence and a growing middle class. Popular destinations include Asia, Europe, and North America. The trend is expected to continue, shaping global tourism dynamics.
NEWARK, Del, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The market for outbound tourism in China is expected to grow at a strong 14.1% CAGR between 2022 and 2032, with sales expected to reach US$ 184,201 million in 2022. The market’s growth is attributable to China’s travel industry’s increasing expansion. The report projects that by 2032, demand for outbound travel in China will exceed US$ 690,719 million.
China outbound market stands out for its size and quick expansion in departures and spending. Destinations worldwide are more eager to draw into this market due to the steady increase in Chinese tourists’ spending abroad. The wealthiest regions of China’s east and southeast are where most of the country’s international tourism is produced.
The leading travel destinations for Chinese visitors are neighbouring nations in North- and South-East Asia and Hong Kong, Macao, and Taiwan Province of China. Chinese tourists are increasingly travelling to emerging locations.
Moreover, there is a surge in millennials traveling overseas which causes increased use of online platforms for the collection of related information as well as tour booking. China has the world’s largest population, making it the best market for outbound travel. With the economy increasing, China Outbound travel Market is set to attain new heights.
“China outbound travel market to benefit from increasing disposable income, affordable travel abroad, and growing preference for clean and scenic location trips.”- Says Ronak Shah (Associate Vice President at Future Market Insights).
Key Takeaways:
By booking channel, the online booking segment is anticipated to hold a share of nearly 80%.
In terms of age group, demand in the youngsters in the age group 15 to 25 years and 26 to 35 years will continue gaining traction through 2032 due to increasing travel trends, enthusiasm to travel and rising income.
Based on packages, China outbound travelers will continue to opt packaged deals over the normal travel deals.
Rising trend of tourism on social media is expected to result in significant growth of China outbound travel market.
Who is winning?
Leading players in China outbound travel Market are focusing on strategic alliance with various local tour operators to diversify business service portfolio. Also market leaders are emphasising on advertisement and promotional activities to attract various tourist across the country.
The leading players in China outbound travel market
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
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