Chinese tourists to boost global economy by spending $264bn overseas
Bank of America Merrill Lynch has said that 174m Chinese tourists will spend $264bn by 2019.
Bank of America Corp.
$36.97
10:59 19/04/24
The numbers show that international Chinese spending has grown substantially in recent years. Just 10m tourists travelled from China in 2000 while 109m spent $164bn in 2014.
According to the report, China’s population growth indicates that Chinese tourism is likely to benefit the global economy long-term.
"China-mania spread globally in the past few years, akin to when the Japanese started travelling some 30 years ago, when the world went into frenzy then, pandering to Japanese customers’ needs,” it said.
"In our view, this is going to be bigger and will last longer given China’s population of 1.3 billion vs Japan’s population of 127 million.''
Around 35% of Chinese tourists were said to represent 25-to-34-year-olds while 27% represented 15-to-24-year-olds.
The amount of Chinese visitors to the US has grown 10% since 2009 and Chinese people are the world’s biggest consumer of luxury goods.