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.
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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
- Tuniu Corporation
- Intrepid Travel
- G Adventures
- TUI China
- China Highlights
- Exodus Travel
- The Dragon Trip
- World Expeditions
- On The Go Tours
- Contiki
- Sita World Tours
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China Outbound Travel Market by Category
By Purpose:
- Business
- Leisure
- VFR
- Others
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tour Type:
- Independent Traveler
- Tour Group
- Package Traveller
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 56-65 Years
- 66-75 Years
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Authored by:
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.
Have a Look at Related Research Reports in the Travel and Tourism Domain:
- The outbound medical tourism market share is projected to reach an impressive figure of US$ 221.21 billion and the demand for outbound medical tourism is predicted to experience an astounding CAGR of 11.6% from 2023 to 2033.
- The medical tourism market demand is expected to reach US$ 733,422.9 million by 2033. A CAGR of 12.7% is expected for the medical tourism market during the forecast period.
- Hong Kong outbound tourism market growth are expected to increase at a robust 8.5% CAGR from 2022 to 2032. With growing zest among millennials for wanderlust is set to be valued at US$ 1,088.0 Million by 2032.
- The global GCC outbound tourism market forecast is anticipated to be appraised at US$ 65.5 Billion by 2032, progressing at a considerable CAGR of 13.60% during the forecast period.
- The global UK outbound travel market analysis is projected to reach US$ 175.2 Billion by 2032, developing at a considerable CAGR of 8.60% during the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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