For a decade, outbound Chinese travelers have been the wind beneath the wings of industries including air travel, hospitality, department stores and luxury goods. Every year sees more outbound Chinese travelers than the last, with the number expected to reach 150 million as early as 2017. These travelers have gained a reputation as big spenders, and many businesses worldwide are targeting them closely.
However, the rising numbers don’t automatically translate into boosts for travel-related businesses. China is a dynamic, developing country undergoing a wide-ranging social and economic transformation, which is changing how people travel, where they go, and what they do on holiday. As the archetypal Chinese traveler disappears, businesses need to adapt, which means understanding the subtleties and diversities of tourists’ preferences and motivations.
Oliver Wyman's new survey of 2,000 people representing a broad crosssection of Chinese travelers presents the latest data on this fast changing market.
“Chinese Traveler's continue to shift their spending towards more meaningful experiences such as exquisite dining, extraordinary cultural journeys and even adventurous sports. At the same time, cross-border e-commerce has grown rapidly, overseas travel has democratized, and there is greater availability of products at home, meaning there is less need to for buying overseas for resale”