Leveraging Opportunities in China's Expanding Overseas Travel Market
February 14, 2023
January 13, 2023
The just-passed New Year holiday was the first peak of tourism consumption after the optimization and adjustment of China's epidemic prevention and control policies. According to data from the Ministry of Culture and Tourism, there were 52.713 million domestic tourists during the holiday, achieving RMB 26.517 billion in domestic tourism revenue, an increase of 4.0% year-on-year. In addition, the New Year's Day box office broke the 500 million yuan mark, and mall passenger flow also showed a clear warming trend.
The firecrackers are slowly returning, giving the outside world confidence in the trend of China's economy. HSBC predicts that China's GDP may increase by 10% in Q1 2024. As the world's second largest economy, U.S. Global Investors, a global market investment institution in the United States, predicts that the Chinese market will continue to improve, contributing two-thirds of the growth momentum to the global economy at the same time.
In addition to being optimistic about China's economy, many overseas institutions predict that due to the optimization of epidemic prevention and control policies, the consumption conditions of Chinese residents have improved. Among them, Banque de France expects that Chinese household consumption will increase by about 9% in 2023. At the same time, as Chinese citizens' outbound tourism resumes in an orderly manner, countries and regions dependent on the tourism industry have begun to look forward to the stimulating effect of Chinese tourists on their local economies.
Thailand is optimistic about the recovery of Chinese tourists and is ready to welcome them back.
Goldman Sachs predicts that Thailand, as a popular Southeast Asian tourist destination, will boost Thailand's tourism industry and contribute 3 percentage points to the country's economic growth after Chinese outbound tourism is fully restored.
Japan is also looking forward to the return of Chinese tourists.
According to a survey by the Japan National Tourism Administration, more than 70% of Japanese travel agencies hope to receive Chinese tourists in the first half of 2023.
Airlines in Malaysia and Vietnam hope to restore Chinese flights to pre-epidemic levels by June of next year.
According to Singapore's Lianhe Zaobao, Malaysia's Transport Minister Lu Shao-fu said that flights between Malaysia and China will be gradually increased in the future, and he is confident that the number of round-trip flights between the two countries will return to pre-epidemic levels.
In addition, the French embassy in China posted on Weibo on December 27，2022 that France "opens its arms" to welcome Chinese friends.
It is also reported that the Hong Kong region will be the biggest beneficiary of China's optimized epidemic prevention policies. The South China Morning Post cites the opinion of Iris Pang, the economist for the Greater China region of the Netherlands International Group, that mainland tourists will bring strong growth momentum to Hong Kong's retail, aviation, and hotel sectors in the second half of 2023, and optimistically expect Hong Kong's annual economic growth to reach 4%-5%.
Overseas luxury brands are also looking forward to the arrival of Chinese consumers. According to global market investment institution U.S. Global Investors, Chinese outbound tourists contributed 277 billion US dollars in 2018, but this figure fell to 105 billion US dollars in 2021. However, Chinese consumers are still an important pillar of the luxury goods market. For example, Swiss luxury company Richemont Group (which owns luxury brands such as Cartier and Baron), the Chinese market contributed 27.6% of its 2022 annual turnover. With the optimization of China's epidemic prevention policies, the institution believes that various countries' luxury brands will be ready to welcome Chinese tourists.
Now is an ideal time for foreign tourism businesses, hotels, services, and brands to conduct marketing in China. Professional Chinese marketing services from CHINATOP MARKETING in Shenzhen can help brands quickly gain the favour of Chinese consumers.
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February 14, 2023
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