Chinese Opt for Domestic Trips This Golden Week as Overseas Travel Lags

Record number of Chinese choosing to travel domestically this Golden Week holiday due to economic slowdown and high overseas travel costs.
Domestic travel spending will indicate consumer appetite and economic outlook. Many consumers reluctant to spend on non-essentials like overseas holidays.
Average domestic air and train travel is significantly higher than pre-pandemic. But outbound travel still only 60% of pre-pandemic levels.
Cheaper Asian destinations like Thailand are most popular due to lower costs. Chinese overseas tourism spend unlikely to recover fully this year.
Weak job market and incomes hurting consumer spending. Tech industry workers cutting back on overseas holidays and shopping budgets.

reuters.com

Relevant topic timeline:

9/13/2023

China's Real Estate Crisis Dampens Consumer Spending, Hurting Businesses at Home and Abroad

The struggling real estate sector in China, due to a current crisis and government regulations, is impacting consumer spending and causing Chinese tourists to be slow in returning to international travel. As Chinese homeowners prioritize savings and cut back on spending, global tourism destinations are experiencing a decline in Chinese visitors, resulting in a forecasted decrease of nearly 70% in China's outbound travel spending this year.

9/26/2023

International Tourism to China Still Lagging Due to Limited Flights, High Prices, Geopolitics, and Safety Worries

China's tourism industry is struggling to recover from the pandemic, with international tourism still far below pre-pandemic levels, and the shortage of tourists is attributed to factors such as challenges with payment methods, detainment of foreigners, and expensive and limited flights from the US, which is worrisome as it adds to China's other economic problems and could have a negative impact on the global economy.

9/29/2023

Chinese 'Special Forces Travelers' Embrace Budget Holidays to Maximize Experiences, Minimize Costs

Chinese tourists are adopting a budget-conscious approach to travel during the long holiday as they prioritize saving money and exploring domestic destinations due to lingering concerns about the country's slowing economy.

10/7/2023

Chinese Travel Rebound During Holiday Offers Temporary Relief Amid Broader Economic Concerns

Chinese tourists fueled a temporary boost in tourism revenues during the recent national holiday, reaching pre-pandemic levels and contributing to the country's economy, despite concerns over a real estate crisis and high youth unemployment.

Topics

Posted 9/28/2023, 5:25:40 AM