China poised to overtake US as world’s top travel market

Data snapshot In 2023, China’s travel and tourism sector contributed $1.3 trillion to its GDP, making it the second-largest travel market globally after the US. According to the World Travel & Tourism Council's 2024 Economic Impact Trends Report, the sector grew by 135.8% following the easing of travel restrictions, indicating a substantial recovery in tourism activities. While the US contributed $2.36 trillion to its economy from travel, China’s growth positions it as a key player in the global tourism market, as the worldwide industry is projected to reach $11.1 trillion by 2024. This growth reflects a broader trend across Asia, where travel demand has increased steadily. Economies such as Germany, India, and Japan also remain significant contributors to global travel, but China's recent recovery outpaced many others in 2023. Analysis China’s 135.8% increase in its travel and tourism GDP contribution in 2023 highlights the recovery of both domestic and international tourism. A combination of pent-up demand, eased travel restrictions, and strengthened infrastructure contributed to this growth. Outbound travel saw a notable resurgence, while inbound tourism also improved due to China’s cultural attractions and renewed international mobility. The rise in Chinese travel activity holds implications for global tourism markets, where businesses continue to adjust their offerings to cater to Chinese consumers. As the sector continues to recover, the potential for China to further expand its influence within the travel and tourism industry remains strong, driven by a growing middle class and increased international engagement. The Jing Daily Data Snapshot presents a swift take and analysis on the latest data from the leading research firms in the Chinese luxury and lifestyle markets.

China poised to overtake US as world’s top travel market

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Published September 13, 2024

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China poised to overtake US as world’s top travel market