Asia Pacific outbound tourism market is expected to witness double-digit growth over the forecast period (2022 to 2032) with factors such as low proportion of passport holders, high quality of public and private services provided by destinations, tax refund policies, etc. continuing to support the demand in Asia’s outbound tourism market, per Future Market Insights.
Particularly for China market, The China Outbound Tourism Research Institute (COTRI) reports the number of outbound trips made by Chinese tourists for 2019 was 169 million. Total tourism spent by Chinese reached almost US$262 billion, according to the United Nations World Tourism Organization (UNWTO).
As people followed stay-at-home quarantine orders, many developed “quarantine fatigue,” or exhaustion associated with restrictive lifestyles. While the symptoms vary from person to person, the most common are irritability, stress, and anxiety, eating more or less than usual, and troubles with sleep and motivation. This is further exacerbated by the closure of offices, schools, and day-care centers. Today, more and more people are deciding to venture out further and travel as a means to fight quarantine fatigue. Consequently, we can expect longer stay holidays to become more common place and popular in the near future. With an estimated 71% of middle-income class in China working remotely throughout the pandemic, this newfound flexibility will likely inspire travelers to stay at their destinations longer.
As China’s zero COVID policy recedes, most indicators point to travel coming back—with a vengeance—as people look to reconnect, explore new destinations, or revisit reliable favorites. Many just want to get away from the confines of their homes. The savings rate among Chinese hit an all-time record high in 2022, primarily due to the lockdowns and is 10 to 20 percent higher now than pre-pandemic. These people are eager to spend on travel. Leisure trips are expected to lead the rebound, with corporate travel trailing behind. 72 percent of respondents of joint study by ITL and Ctrip for 2022 post pandemic travel sentiment expected to be traveling within 12 months.
Furthermore, based on the 2023 McKinsey China Consumer Report, McKinsey foresees robust, double-digit consumption growth driven by upper-middle and high-income households. McKinsey also notes that affluent consumers will prefer premium over mass-market brands and making smarter choices while not compromising.
As an industry leading expert with several decades of experience and research marketing and retailing to the Asian customers, ITRAVLOCAL LIMITED (ITL) will work collaboratively with the travel industry partners in developing their relationship with the targeted Asian consumers.
