China’s Travel and Tourism sector is poised to make a significant contribution of 1.48 TN to the national economy by the end of 2023, marking an increase of over 150 percent compared to 2022, when the sector’s contribution was $583 billion.
The latest WTTC analysis also predicted that the sector is on track to inject a staggering 4 TN of value into China’s economy, showing growth that outpaces the global compound annual growth rate (CAGR) by nearly 2:1, VisaGuide.World reports.
This year, the global tourism body predicts that the sector will generate employment opportunities for more than 74 million people in China, marking an increase of over 18 percent compared to 2022 figures. As the WTTC explains, this is only nine percent of the levels of first employment in 2019.
At the same time, by 2033, the WTTC explains that the sector is expected to add 31 million jobs, bringing the total to nearly 106 million jobs supported by the sector, representing almost one in seven jobs across China.
Search data for hotels and flights in December 2022 showed searches from the Americas had their sights set on China, with travelers from across Asia-Pacific also showing sustained interest in visits to China.
According to data provided by ForwardKeys, there was a 90 percent increase in passengers from mainland China last year, reaching 3.6 million. Although this figure fell significantly short of 2019’s peak of 47.9 million, it marked a substantial improvement from the all-time low of just 1.9 million outbound passengers in 2021.
As for the statistics so far for 2023, they represent a staggering 506 percent growth in the number of outbound passengers, rising to 22.1 million between January and August.
Last year, China also witnessed an 89 percent increase in the number of inbound passengers, reaching 3.3 million, compared to the previous year.
Further data from the WTTC shows that this year, the number of passengers in China’s high-rises has increased by 556 percent to reach 21.9 million between January and August.
“Chinese travelers want to explore the world once again, and international travelers are eager to return to this amazing country, rich in culture, breathtaking landscapes, and warm welcomes,” WTTC President & CEO Julia Simpson noted.
Moreover, in 2022, the Travel and Tourism sector made a significant contribution of $4.5 billion to the Hong Kong economy, marking an increase of 39 percent compared to 2021.
The number of outbound passengers from Hong Kong also experienced growth, climbing by a percentage of 976 percent in 2022 to reach a total of 3.7 million.