China is the New Japan: Tourism Growth Shows No Signs of Stopping
Chinese tourists in Paris, France. zoetnet / Flickr
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.
Excerpt from CNBC
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.