Analysts Expect Major Economic Boom From Chinese Travelers
PHOTO: Chinese travelers in New Orleans. (courtesy David Cogswell)
Tourism is one of the biggest global industries, and an influx of Chinese travelers will be infusing billions of dollars into economies across the world.
According to Enda Curran of Bloomberg.com, new analysis by Bank of America Merrill Lynch claims that an estimated 174 million Chinese tourists will spend an astounding $264 billion each year by 2019. In 2014, there were an estimated 109 million Chinese tourists who spent $164 billion.
Bloomberg.com points out that those numbers have skyrocketed since there were only 10 million Chinese tourists in 2000.
Bank of America Merrill Lynch analysts talked about the recent surge of travelers from China and how the increase is similar to the one seen in Japan several decades ago, via Curran.
“China-mania spread globally in the past few years, akin to when the Japanese started travelling some 30 years ago, when the world went into frenzy then, pandering to Japanese customers’ needs. In our view, this is going to be bigger and will last longer given China’s population of 1.3 billion vs. Japan’s population of 127 million.”
The analysis also claims that the biggest potential spenders will be Millennials—the 25-34 year old demographic—who should account for 35 percent of the total travelers. Tourists between the ages of 15 and 24 are the second most prolific age group, expected to account for 27 percent.
One of the countries visited most by Chinese tourists outside of Asia is the United States, which has seen a 10 percent rise since 2009, according to Bloomberg.com. The hope is that the boom created by Chinese tourism continues to help improve the global economy.
More by Donald Wood
Get Travel Deals and Travel News
Recent Travel Opinions
Cruise Line & Cruise Ship
Airlines & Airports