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Monday, Mar 30, 2020

Chinese tourists spend $128bn overseas, splashing more cash in Belt & Road countries

Chinese tourists spend $128bn overseas, splashing more cash in Belt & Road countries

Chinese tourists spend $128bn overseas, splashing more cash in Belt & Road countries
A new report by the China State Administration of Foreign Exchange shows that the country’s tourists spent $127.5 billion overseas in the first half of 2019. China has held the top position in the global tourism market since 2012.
According to the report, the lion’s share of Chinese tourists’ money was spent in Asia, with 54 percent of the total. The Americas ranked second, accounting for 24 percent, followed by Europe with 13 percent.

Travelers from China spent more in the emerging markets of the Belt and Road route due to stronger trade and investment ties. Data shows that, in the first half of the year, they spent almost $15 billion in these countries.

Shopping remained a main component of tourist consumption, as Chinese tourists are famous for spending thousands on high-end luxury foreign brands.

China is considered the world’s fastest-growing tourism market and will play a key role in the sector’s development, according to the United Nations World Tourism Organization. It projects that the number of global travelers will exceed 1.8 billion by 2030.
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