by Mia Taylor
Last updated: 9:02 AM ET, Tue January 30, 2018
With outbound Chinese tourism witnessing record growth over the past decade, travelers from the world's most populous country are poised to have a profound impact on the rest of the globe.
According to a recent report from Bloomberg, just five percent of the country's citizens currently hold a passport, as compared to 40 percent in the United States.
That statistic would seem to indicate there's tremendous room for growth in the numbers of outbound Chinese travelers during the coming years.
Nonetheless, a report from the United Nations World Tourism Organization showed that Chinese outbound tourism is already reaching record levels.
In 2016, Chinese outbound tourism expenditures grew to a staggering $261 billion, according to the report. To put that figure in context, it represents 21 percent of the world market and is an increase of 12 percent over 2015. It's also an 11 percent rise over the amount spent a decade ago.
The report goes on to note that this growth solidifies China's position as the number one source market in the world, following a trend of double-digit growth in tourism expenditures every single year since 2004.
A number of countries, in particular, have benefited from the rising tide of Chinese travelers abroad, including Japan, the Republic of Korea and Thailand. Long-haul destinations such as the United States and several countries in Europe are also witnessing an increase in Chinese visitors.
The UNWTO held a workshop a few weeks ago focused solely on the Chinese outbound tourism market to discuss the many potential impacts of this burgeoning segment of travelers.
"One of every two premium products manufactured in the near future will be bought by a Chinese traveler," Javier Fernandez Andrino, the international marketing and luxury development director of El Corte Ingles, told those gathered at the workshop.
It was also noted at the UNWTO workshop that nearly 60 percent of Chinese travelers are females, which opens up a variety of unique marketing opportunities for the travel industry.
Looks like this boom is just beginning.
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