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Despite stalled growth in China, Brazil and Russia, a wave of newly middle-class travelers from the BRICs and beyond will start visiting international destinations in the coming decades — dwarfing the numbers we’ve seen thus far.
With living standards rising in China, the outbound tourism boom is on. So are it is other countries in Asia that are the largest beneficiaries of the tourism boom, but other countries around the world will put a lot of marketing dollars into hoping that the wealth gets spread around.
Outbound Chinese tourists will double to 200 million annually by 2020 as income rises and other nations relax visa requirements to compete for spending, CLSA Asia-Pacific Markets said.
Thailand, Taiwan and South Korea may become the top destinations in the next three years, Aaron Fischer, the Hong Kong-based head of consumer and gaming research at CLSA, said in a briefing today. About 100 million Chinese tourists went overseas in 2013, the brokerage said.
The nation’s swelling middle class is spurring a boom in overseas travel, with cities competing to lure visitors. Chinese tourists spent $102 billion in 2012 and overseas spending last year probably reached a record, China Daily reported this month, citing the China National Tourism Administration.
“Chinese tourists are becoming increasingly savvy, independent, and demand higher quality experiences,” Fischer said. “There’ll be a multiplier effect on the hotel and gaming industry.”
The number of provinces in China with per-capita Gross Domestic Product exceeding $8,000 will jump to 27 by 2020 from 10 in 2013, CLSA said.
More flights and affordable health-care treatments are luring the Chinese to Thailand, while South Korea is enjoying a boom because of interest in K-pop culture, CLSA said.
–Editors: Hwee Ann Tan, Andrew Davis
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