Chinese Tourists Return To The Global Market, Inbound And Outbound Tourism Expected To Enter A New Channel To Accelerate Recovery
The 2024 Spring Festival holiday saw a resurgence in outbound travel, with Chinese tourists returning to the global market and becoming a highlight of the tourism industry. The National Immigration Administration reported a total of 13.517 million Chinese and foreign personnel entering and exiting the country during the holiday, marking a 2.8 times increase from the same period in 2023 and reaching the level of the 2019 Spring Festival.
The demand for outbound travel was further unleashed during the holiday, leading to an accelerated recovery of the inbound and outbound tourism market. According to the China Tourism Academy, approximately 6.83 million inbound and outbound tourists were recorded, with nearly 90% of the same period in 2019. The recovery also sparked a revival in the international aviation market, with an average daily inbound and outbound civil aviation passenger volume exceeding 200,000.
It is evident that inbound and outbound tourism is expected to enter a new channel of accelerated recovery in 2024, with Ctrip reporting significant year-on-year growth in domestic tourism, outbound tourism, and inbound tourism, exceeding the levels of the same period in 2019. Additionally, Tongcheng travel data revealed that Hong Kong, China, Macau, Thailand, Vietnam, Singapore, Japan, Malaysia, the United Arab Emirates, South Korea, and Russia were the most popular outbound travel destinations for the 2024 Spring Festival.
Chinese tourists also ventured beyond traditional tourist destinations, visiting 125 countries around the world during the holiday. This highlights the resilience of the global tourism market and the increasing desire for international travel. As such, the inbound and outbound tourism supply chain is expected to accelerate its repair and recovery.
Analysts from Huajin Securities and Galaxy Securities have expressed optimism regarding the outlook of the tourism industry, with the former stating that travel agencies and platforms related to outbound package tours are expected to benefit first, and the latter recommending investment in outbound tourism, domestic tourism, and procyclical sectors.
With the continued expansion of China’s “visa-free circle of friends” and the implementation of facilitation measures, inbound and outbound tourism is set to thrive in 2024. Travel has become a new custom for many, and the Spring Festival holiday has shown that people are eager to experience a better life through travel. As the recovery of the tourism market gains momentum, it is expected to have a positive impact on the overall economy.