Growing middle-class population and changing consumer behavior are the factors driving the tourism and hotel Industry in China
September 10, 2018: The Tourism and Hotel Industry in China is expected to reach over USD 1.6 trillion by 2023, as per a new report published by Mordor Intelligence, LLP. The market is expected to grow owing to factors, such as growing middle-class population, rising disposable income of the people, changing consumer behavior pattern towards the leisure spending, government support for developing tourism, etc. Additionally, the rapid development of tourism in China is driving the demand for hotels in China.
The rising disposable income of the people is resulting in more consumer spending towards leisure spending, which in turn is leading to growth in China’s tourism and hotel industry. The average per capita disposable income stood at CNY 25,974 in 2017, witnessing an increase of 7.3% when compared to 2016, which is more than the GDP growth rate. Also, the difference between the per capita disposable income in urban and rural areas in China is decreasing. For Urban Residents, the average per capita disposable income in 2017 reached CNY 36,396 with an increase of 6.5%, whereas for that of the rural residents reached CNY 13,432 with a growth of 7.3% from 2016.
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With the largest population in the world and a large number of scenic spots and landscapes that represents the culture, the domestic tourism in the country is growing rapidly. The domestic trips in China increased from 4.44 billion in 2016, to 5 billion in 2017, with an increase of almost 12%, whereas the revenue generated had witnessed a growth of 15.9% to reach CNY 4.57 trillion in 2017. Besides the domestic tourism, the better exchange rates of Chinese currency and affordable transportation costs are leading to rise of the outbound tourism in China.
Additionally, the policy support from the Chinese government supplements the development of tourism industry, especially rural tourism that helps in the elimination of poverty and increase the income of people. For instance, The Agricultural Development Bank of China will support infrastructure construction and village-included programs in 500 scenic spots from 2016 to 2020 for the development of rural tourism.
Key Insights from the Report:
China Tourism and Hotel Industry segmentation based on Nature of Tourism, Hotel type and regional coverage,
China Tourism and Hotel Industry by Nature of Tourism,
China Tourism and Hotel Industry by Hotel type,
China Tourism and Hotel Industry by Region,
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