Travel Video Trends This Week: The Rise of Vertical Video and Our Fascination with Drones Sponsored This content is created collaboratively with one of our sponsors.
China’s steady tourism momentum is good news for the country, but possibly even better news for the rest of the world – after all, wherever they go, they tend to spend generously.
Chinese travelers, at 83 million in 2012, make up a sizeable group of consumers, so it is understandable that talk of a slowdown in the world’s second largest economy could make countries dependent on China tourism receipts a little nervous.
But the concerns are exaggerated, ANZ says, as China’s tourism sector is “at the cusp of a multi-decade increase in tourism expenditures,” similar to the trend seen in Japan three decades ago.
According to a recent ANZ note, the number of Japanese travelers saw a sharp increase between mid-1980s through to 1990s, from 4 million to 16 million, during a time when the economy experienced robust growth, bringing GDP per capita from $10,000 to $35,000 in that period.