Adam Majendie, Chinese Tourists Are Taking Over the Earth, One Selfie at a Time, Bloomberg, February 11, 2018
By 2021, Chinese tourists will spend $429 billion abroad, according to a report by CLSA. And they are spreading out. Weekend jaunts to the shops in Hong Kong or the casinos in Macau are being usurped by new favorite destinations. During the next three years, Japan, Thailand, the U.S. and Australia top the must-visit list, according to the report, with other destinations in Southeast Asia — especially Singapore, Indonesia, Malaysia and the Philippines — following close behind.
As with Japan in the 1980s, citizens of nations that get rich, go places. The emerging nations of Asia-Pacific will add more than 50 million new outbound travelers in the five years ending in 2021, according to Mastercard Inc.
Through the WI Lens
We’ve addressed this theme repeatedly in previous issues of the Hospitality and Wellbeing Barometer, but we return to it because it is THE megatrend that will impact the whole industry for the foreseeable future – for good and for bad. As the author states, “we are becoming a planet of tourists” and Asia is the epicenter of a boom that is changing how we travel. China, in particular, is spreading out across the region, out-shopping, outspending and out-eating every other nation. This ‘peaceful tsunami’ of Chinese outbound tourists will soon engulf (or is already engulfing) the rest of the world, filling the coffers of businesses in hospitality and retail, and overwhelming many desirable places.
To grasp the significance of this phenomenon and why its expansion will endure, read this: “China currently accounts for more than a fifth of the money spent by outbound tourists, which is twice as much as the US – the next-biggest spender. This spending ‘performance’ is realized by a tiny fraction of the population: currently, around 5 percent of Chinese have passports.” The government is issuing about 10 million new travel documents every year!
For this new segment, affordable luxury and tech (everything has to take place on a smartphone) are becoming the two critical drivers.
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Why the future of well-being isn’t about money www.weforum.org, 26 Feb 2019, Justin Dupuis
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