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WTTC forecasts robust growth in China’s travel and tourism sector

WTTC

WTTC predicts China’s Travel and Tourism sector to contribute $1.48 trillion by end-2023, marking a substantial 150% growth from 2022.

The World Travel & Tourism Council (WTTC), shed light on the substantial resurgence of China’s Travel & Tourism sector.

According to WTTC’s latest Economic Impact Research, China’s Travel & Tourism sector is predicted to contribute $1.48 trillion to the national economy by the end of 2023, up over 150% from 2022, when the sector contributed $583 billion to the economy.

Ten years from now, WTTC forecasts that the sector will contribute over $4 trillion to China’s economy, demonstrating remarkable growth, outpacing global CAGR by almost 2:1.

The global tourism body is also forecasting that the sector will support over 74 million jobs in China this year, up more than 18% from 2022. This is just 9% behind 2019 levels.

By 2033, WTTC predicts the sector will support more than 31 million additional jobs to reach almost 106 million in total – this represents almost one in seven jobs across China.

Global Appetite

WTTC’s recent A World in Motion report highlights the global appetite for holidays to China remains buoyant.

Search data for hotels and flights in December 2022 showed searches from the Americas had their sights set on China, with travellers from across Asia-Pacific also showing sustained interest in visits to China.

Travel Trends

Data from WTTC’s knowledge partner ForwardKeys reveals a 90% increase in outbound passengers from mainland China last year, reaching 3.6 million. Although this was far behind the 2019 peak of 47.9 million, it was a significant increase from the historic low of just 1.9 million outbound passengers in 2021.

Year-to-date data shows that 2023 has witnessed a phenomenal 506% increase in outbound passenger numbers already, reaching 22.1 million between January and August.

Inbound passenger data shows a similar trend.

Last year, inbound passenger numbers to China reached 3.3 million, an increase of 89% from the year before. The year-to-date data shows inbound passenger numbers have grown 556% to reach 21.9 million between January and August this year.

Future Outlook

Julia Simpson, WTTC President & CEO, highlighted “This data clearly shows the appetite to travel remains incredibly strong. Chinese travellers want to explore the world once again and international travellers are eager to return to this amazing country, rich in culture, breathtaking landscapes, and warm welcomes.”

A look at Hong Kong

In 2022, Travel & Tourism contributed $4.5 billion to Hong Kong’s economy, up 39% from the previous year.

Flight booking data shows outbound passengers from Hong Kong increased 976% in 2022 to reach 3.7MN. Year-to-date data shows a 171% increase between January and August this year to reach 10 million outbound passengers.

Data also reveals a 966% increase in inbound passengers to Hong Kong in 2022, to reach 3.5 million. Year-to-date data reveals a 183% increase between January and August to reach 10.1 million inbound passengers.

A look at Macau

In 2022, Travel & Tourism contributed $12.3 billion to Macau’s economy, up 26% from the year before.

Flight booking data shows outbound passengers from Macau increased 52% in 2022 to reach 373,000. Year-to-date data shows a 331% increase between January and August this year to reach 1.6 million outbound passengers.

Data also reveals a modest 2% increase in inbound passengers to Macau in 2022, to reach 516,000. Year-to-date data reveals a 286% increase between January and August to reach 1.9 million inbound passengers.

A look at Shanghai

In 2022, Travel & Tourism contributed $29.7 billion to Shanghai’s economy, up almost 70% from the year before.

Flight booking data shows outbound passengers from Shanghai increased 120% in 2022 to reach 906,000. Year-to-date data shows a 529% increase between January and August this year to reach 5.6 million outbound passengers.

Data also reveals an 82% increase in inbound passengers to Shanghai in 2022, to reach 726,000. Year-to-date data reveals a 633% increase between January and August to reach 5.3 million inbound passengers.

George Diamantopoulos
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George, in his capacity as an intern, diligently oversees the flow of news, assists in the publication of content, and delves into the strategies of social media distribution. He is currently pursuing his studies in Business Administration at the Athens University of Economics and Business.

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