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MarketResearchReports.com: Travel and Tourism Industry in China - a $1.2 Trillion Opportunity, Reveals New Research Report

MarketResearchReports.com has announced the addition of “Travel and Tourism in China to 2017” research reports to their offering.

 

Lewes, DE -- (SBWIRE) -- 07/19/2013 -- China’s tourism sector is dependent on domestic tourism due to the country’s strict visa policy and group tour restrictions for travelling abroad. Domestic tourist flows are very high as compared to inbound tourist volumes. In 2012, China registered 1.6 billion domestic trips, while inbound trips were recorded at 59.4 million. China’s is the world’s largest domestic tourism market. Domestic tourist volume increased from 958.8 million tourists in 2008 to 1.6 billion in 2012, at a CAGR of 14.02% during the review period. Over the forecast period, trip volumes will increase at a CAGR of 13.83% to reach 3.1 billion by 2017. The key growth drivers over the forecast period will be increased wealth and leisure time, and an improved transport network. Over the forecast period, domestic tourist expenditure is expected to increase at a CAGR of 26.17%, to reach CNY7.8 trillion (US$1.2 trillion) by 2017.

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Chinese tourists are high spenders, and outbound tourism is also increasing, so numerous countries are creating strategies to attract Chinese tourists. Cambodia’s Ministry of Tourism, for example, has developed a five-year strategic plan to attract at least 1.3 million Chinese visitors by 2018.Total revenues of hotels in China is expected to increase at a CAGR of 8.57% to reach CNY480.4 billion (US$79.2 billion) by 2017, in line with a steady rise in tourism volumes, rising disposable incomes, and accommodation available at competitive prices. China's car rental market is expected to reach CNY47.3 billion (US$7.5 billion) by 2017, recording a CAGR of 15.87% over the forecast period. China’s travel intermediaries market value is anticipated to increase at a CAGR of 17.12% over the forecast period to reach CNY726.3 billion (US$4.1 billion) in 2017.

The growth of China's travel & tourism industry is driven by a rise in discretionary spending, increased business travel, and rising efforts to promote the travel sector in China internationally. The key growth drivers are increased wealth and leisure time, and an improved transport network in China.

Spanning over 156 pages, 137 tables and 80 figures, “Travel and Tourism in China to 2017” report presents an in-depth assessment of the travel and tourism industry in China till 2017.

In addition to covering the market overview, tourism flows, airlines, hotels, car rental services, travel intermediaries, airports and Chinese tourism board the report also presents comprehensive forecasts for the market till 2017 in each sectors. The report covers 20 key industry players namely Air China Limited, China Eastern Airlines Corporation Limited, Hainan Airlines Co. Ltd., Shanghai Airlines Co., Ltd., China Southern Airlines Limited, Shanghai Jin Jiang International Hotels (Group) Company Limited, Fairmont Hotels & Resorts China, Mandarin Oriental China, Marriott China, Four Seasons China, China Auto Rental Holdings Inc., eHi Auto Services Limited, Hertz China, Avis China Car Rental Service, The Guangzhou Refine Car Rental Co., Ltd., Success China Tours, China Travel Service Head Office Co. Ltd., China Connection Tours, China Comfort Travel Group Co. Ltd. and China Odyssey Tours.

To browse more travel and tourism market research reports visit: Travel and Tourism

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