‘China may become world’s second-largest travel and tourism market by 2013′March 31st, 2011 - 12:43 pm ICT by ANI
Beijing, Mar 31 (ANI): A report released by the Boston Consulting Group (BCG) has claimed that China is expected to become the world’s second-largest travel and tourism market by 2013.
The China Daily quoted the report as saying that China, which currently accounts for six percent of revenue from global tourism, will increase to eight percent in 2013 and 14 percent in 2020.
“Not long ago, most Asian tourists came from Japan or South Korea - the region’s more affluent markets but that is rapidly changing,” Vincent Lui, a Hong Kong-based partner at BCG and one of the primary authors of the report, said.
He also said that the Chinese market is expected to grow by 14 percent annually to reach 5.5 trillion Yuan (839 billion dollars) in 2020.
According to figures from the National Tourism Administration, Chinese tourism had generated revenues of 1.55 trillion Yuan last year.
“There will be an average of 25 million first-time Chinese travellers every year, or 70,000 every day, for the next 10 years,” Lui said.
The report also indicated that international travel from China would become a major source of growth for providers in the destination countries.
“Compared with the already significant travel market domestically, the Chinese demand for international travel is still young. But it is expected to grow by 17 percent annually over the next decade, driven by rising incomes and aspirations,” Lui added.
The report claimed that about 25 percent of international travellers arriving in Japan and South Korea would come from China by 2020, while it will contribute more than half the new arrivals to Europe. (ANI)
- China is world's third most popular tourist destination - Apr 12, 2011
- China's IT industry sees revenue growth - Apr 09, 2012
- China's rich building wealth in property - Dec 24, 2011
- China's n-power developers seek equity investors - Jul 30, 2011
- Japan to issue multiple-entry visas to Chinese - Jan 05, 2011
- E-commerce to make even bigger gains - Mar 28, 2012
- Starbucks eyes China market - Apr 03, 2012
- China's GDP growth to hit 8.5 percent this year: ADB (Lead) - Apr 11, 2012
- `China's fiscal revenues to surpass budget this year' - Dec 01, 2011
- China to invest over $500 bn in tourism sector - Jun 20, 2012
- China boasts 3rd-largest population of millionaires in the world - Dec 03, 2010
- China sees imported wine market boom - Mar 28, 2012
- China celebrates Tourism Day - May 20, 2012
- Britain to launch campaign for more exports to Asia - Dec 08, 2011
- China's foreign trade to top $4.8 trillion in 2015 - Jan 04, 2012
Tags: affluent markets, asian tourists, bcg, billion dollars, boston consulting group, china daily, chinese demand, chinese market, destination countries, global tourism, incomes, international travel, international travellers, largest travel, national tourism administration, south korea, tourism market, travel and tourism, travel market, yuan