Connect with us

China

More Chinese traveling abroad means big opportunities for imported brands in China

In 2015, 70 million Chinese consumers traveled abroad with an average of 1.5 trips per person. While overseas, visitors spent US$104.5 billion, an increase of 12% and 16%, respectively.

Published

on

Shanghai shopping

In 2015, 70 million Chinese consumers traveled abroad with an average of 1.5 trips per person. While overseas, visitors spent US$104.5 billion, an increase of 12% and 16%, respectively.

Increases in personal income, the increased need for more ‘family togetherness’ relaxed visa policies and the appreciation of the RMB last year were key drivers of these increases. This year things have not been as rosy as China’s economic growth continues to decline, the RMB has been depreciating and the stock market has seen a lot of fluctuation.

However, outbound travel is expected to continue to grow as more international legs departing from China are being added and consumer confidence remains high with salaries rising and unemployment low.

According to a 2016 report by McKinsey entitled “The Modernization of the Chinese Consumer,” food and travel were identified as being two of the top categories in which consumers are most willing to spend.

Top destinations for Chinese tourists include other parts of Asia (including Australasia), Western Europe and North America. And they identify trying authentic, local cuisine as one of the most exciting experiences while traveling abroad.

TripAdvisor has become their preferred tool for searching and finding local restaurants during their stays.

And due to increasing online purchasing behavior and consumers being constantly lured by retailers offering rewards, discounts and even cash in return for their reviews, Chinese consumers are becoming more accustomed, as their western counterparts, at reviewing and rating their restaurant experiences.

Source: More Chinese traveling abroad means big opportunities for imported brands when travelers return home

Click to comment

Leave a Reply

Economics

China’s new three-child policy highlights risks of aging across emerging Asia

Thailand’s (Baa1 stable) total dependency ratio is set to jump nine percentage points to 51% by 2030 – a faster increase than China’s – which will pressure public and private savings through higher taxes and social spending, reducing innovation and productivity gains.

Published

on

Street vendor in Bangkok

Population aging in China (A1 stable) and other emerging markets in Asia will hurt economic growth, competitiveness and fiscal revenue, unless productivity gains accelerate, according to a new report by Moody’s Investors Service.

(more…)
Continue Reading

China

Clear skies over Asia’s new foreign investment landscape?

Published

on

Compounding the fallout of the US–China trade war, the global pandemic and recession have caused considerable speculation on the future of foreign investment and global value chains (GVCs). But though there is likely to be some permanent change, it will probably not be as great as politicians expect.

(more…)
Continue Reading
Wise

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,099 other subscribers

Recent