Destination Market Insight: China (2024)

Destination Market Insight: China (2024)

Destination Market Insight: China (2024)

Summary

This report is part of GlobalData's Destination Market Insights Series. These reports provide an in-depth analys.is of a tourist destination and its key source markets, as well as an assessment of the trends and issues in the covered destination market, in this case China.

Domestic travel dominates China's tourist income, with approximately 2.5 billion trips taken in 2023 (expected to rise to 3.4 billion in 2024). Furthermore, the tremendous economic expansion over the last 40 years has encouraged the development of inbound tourism through quick and much-needed improvements in infrastructure. Inbound tourism increased by 209% between 2009 and 2019 (i.e., pre-pandemic). In contrast to many other destinations, where inbound travel is mainly focused on leisure and VFR tourism, China's principal source of tourism and revenue has been business tourism, which increased by 43% over the same 10-year period. These huge growth rates have a direct effect of its thriving economy. Tourism has undeniably emerged as a pivotal contributor to the Chinese economy, assuming a position as the nation's foremost service export. Infrastructure has played a very important role in tourism development. Megastructures such as the high-speed rail network and several international airports have connected cities on a national and worldwide scale. Various international hotel and resort companies like Hyatt, Hilton, Accor etc. are undertaking new and large-scale investments in China. They see China as a growing destination market hub that is anticipated to attract 88.4 million international tourists by 2028.

Scope

• Analysis of destination markets, infrastructure and attractions, main and emerging source markets, as well as risks and opportunities in China. This report explores the types of travelers that visit the region as well as a SWOT analysis.

Reasons to Buy

• Obtain a clear and detailed insight into new developments in an increasingly popular tourist destination.
• Use data and analysis to explore trends related to international arrivals and spending, tourism segments as well as construction, foreign direct investments (FDI), airlines and hotel developments.
• Gain a better understanding of the opportunities in the market, as well as the risks, to support better business decisions.