LONDON, Sept. 21, 2016 /PRNewswire/ --
An expanding economy and low unemployment rate (4.05% in 2015, according to IMF) continued to encourage the growth of domestic and outbound tourism in 2015. This strong growth is likely to continue over the forecast period. China's inbound tourism recorded 2.3% growth in 2015, which can be largely attributed to the Chinese tourism board's promotional campaigns.
- Both domestic and outbound tourism demonstrated strong growth in 2015, putting an end to the fears that the less rapidly growing economy will discourage Chinese from taking more trips. Domestic trips totaled 2.1 million in 2015, up by 9.9%, while international departures expanded by 12%. Moreover, in terms of expenditure, domestic and outbound tourism recorded double digit growth; China's strong currency played a significant role in driving outbound tourism. Inbound trips also recorded growth of 2.3% in 2015, totaling 56.9 million, driven by China tourism board's promotional campaigns such as 'Visit Beijing'. However, arrivals from Japan, one of its key source markets, have been declining since 2013 largely due to the appreciation of China's currency against the Japanese yen. Over the forecast period (2016-2020), inbound trips are projected to grow at a CAGR of 4.3%, reaching 70.4 million in 2020. Business is the main purpose of inbound travel. Outbound trips are expected to increase from 120.1 million in 2015 to 177.4 million in 2020
- Trips to South Korea, which have been rising consecutively over the past few years, declined by -7% in 2015 due to the outbreak of Middle East respiratory syndrome in the country. Chinese arrivals to Japan grew strongly by 114% in 2015, driven by appreciation of the yuan against the yen. Furthermore, MERS in Korea proved an advantage for Japan. After a decline in 2014 due to political turmoil, Chinese arrivals to Thailand rebounded with 71% growth in 2015. Thailand's promotional efforts also supported this growth
- Room supply grew by 3% in 2015, supported by an increase in both domestic and international visitors. The growing presence of Fortune 500 companies in the area and increased connectivity on international routes is attracting international tourists. There are 11 new luxury hotels projected to open in 2016-2017
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- Analysis of the airline, hotel, car rental, and travel intermediaries industries by customer type - leisure and business travelers
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