‘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)

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