Market Report, "Travel and Tourism in China to 2017", published

After the relatively slow growth of 7.8% in 2012, the lowest annual rate of expansion since 1999, the economy is expected to stabilize with annual growth edging up to an average of 8% over 2013-17. This reflects continued urbanization and industrial upgrading. The economy is also expected to become more balanced, assuming that the government's policy measures, which include greater rural social welfare, are successful in boosting domestic consumption.

Key Highlights

* After the relatively slow growth of 7.8% in 2012, the lowest annual rate of expansion since 1999, the economy is expected to stabilize with annual growth edging up to an average of 8% in 2013-17. This reflects continued urbanization and industrial upgrading. The economy is also expected to become more balanced, assuming that the government's policy measures, which include greater rural social welfare, are successful in boosting domestic consumption.
* Domestic tourist volume increased from 958.8 million tourists in 2008 to 1.6 billion in 2012, at a CAGR of 14.02% during the review period. Over the forecast period, trip volumes will increase at a CAGR of 13.83% to reach 3.1 billion by 2017. The key growth drivers over the forecast period will be increased wealth and leisure time, and an improved transport network. Over the forecast period, domestic tourist expenditure is expected to increase at a CAGR of 26.17%, to reach CNY7.8 trillion (US$1.2 trillion) by 2017.
* China's tourism sector is dependent on domestic tourism due to the country's strict visa policy and group tour restrictions for traveling abroad. Domestic tourist flows are very high as compared to inbound tourist volumes. In 2012, China registered 1.6 billion domestic trips, while inbound trips were recorded at 59.4 million. China's is the world's largest domestic tourism market.
* Inbound spending increased across all categories except foodservice during the review period, with the transportation category registering the largest growth at a CAGR of 3.78%. Transportation accounted for the largest proportion of total inbound tourist expenditure in 2012 with a 35.5% share. Over the forecast period, the travel intermediaries category is expected to record the highest CAGR of 7.82%, followed by retail with a CAGR of 4.70% and foodservice with 4.65%. The total inbound expenditure is expected to increase from CNY3.1 trillion (US$498.4 billion) in 2012 to CNY3.9 trillion (US$618.4 billion) in 2017. Economic improvement in the eurozone countries and favorable regulatory changes will be the key growth drivers of inbound tourism.
* Chinese tourists are high spenders, and outbound tourism is also increasing, so numerous countries are creating strategies to attract Chinese tourists. Cambodia's Ministry of Tourism, for example, has developed a five-year strategic plan to attract at least 1.3 million Chinese visitors by 2018.

Full Report Details at
- http://www.fastmr.com/prod/652629_travel_and_tourism_in_china_to_2017.aspx?afid=303

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