Published on 03/08/2016 by Punchmedia

Spending to Climb as Tourism Increases

According to a new survey, Chinese tourists plan to increase or at the very least maintain their travel spending this year despite the economic slowdown in China, and Australia remains the top destination, according to a new survey shows.

Chinese travellers tightened their belts over the year to May due to the slowing economy at home, on average spending 17 per cent less per day than the previous year, the 2016 Hotels.com Chinese International Travel Monitor (CITM) survey has revealed.

The purse strings are expected to loosen as the year progresses with 92 per cent of Chinese globetrotters planning to increase or maintain travel spending, and one-third of the 3000 Chinese residents surveyed prepared to spend up big to travel abroad.

The report said that while China's gross domestic product had been slowing for three years, its outbound tourism had registered double that growth rate for each of those years.

According to the survey, China is the top global spender on tourism despite only 5 per cent of its citizens currently holding a passport.

The number of visitors from China and Hong Kong heading to Australia has also hit a record high, hitting 1.4 million over the year to May.

The Asian giant's growing middle class means arrivals are set to surge further, with Chinese millennials prepared to spend nearly a quarter of their income on travel.

Millennials are the group with the greatest potential for growth, the survey found.

With Australia's tourism industry set to capitalise, hoteliers should avoid taking a one-size-fits-all approach to attracting Chinese visitors, according to industry experts.

According to reports, Chinese tourists had become more sophisticated, with improved English language skills, higher expectations, and were spending less while seeking better deals.

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Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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