CHINESE TOURISM: 264 MILLION INBOUND AND OUTBOUND TOURISTS EXPECTED IN 2024

In 2023, China’s tourism economy experienced a steady recovery; It is expected to be even more successful in 2024. China Tourism Academy, the data center of the Ministry of Culture and Tourism, evaluated the performance of the tourism economy in 2023 and made predictions for 2024.

Although tourism costs are expected to drop further in 2024 due to lower ticket prices and a slowdown in transportation costs, China’s tourism economy still faces some challenges. However, with the increasing travel demand of consumers and the active participation of tourism businesses, the tourism market is expected to grow further, and experts predict that the number of domestic tourists will exceed 6 billion in 2024.

The tidal effect of passenger flow will gradually decrease.

Experts predict an optimistic trend in the Chinese tourism market in 2024. It is believed that 2024 will be the transition from the old era to the new era in tourism economic development. The driving force behind the tourism economy will shift from consumption leadership to consumption and investment.

Moreover, by 2024, the focus of the tourism market is expected to shift from improving the scale to improving the industrial chain. The recovery in cash flow will shift to investment, and the recovery in the domestic market will shift to the recovery in domestic and foreign markets. Moreover, experts state that content competition in the tourism industry has increased, making tourism a battlefield to “attract people”.

In 2023, holidays will continue to dominate the Chinese tourism market, with significant consequences. Consumer demand for travel will be more intense during public holidays such as ‘May Day’, summer holidays and ‘national holiday’ Golden Week, which will lead to a decrease in supply. However, experts think that in 2024 the “ocean effect” in passenger flows will gradually decrease and the share of holiday passenger flows will decrease. Moreover, pan-tourism is becoming increasingly popular and the boundaries between tourists, resources and service providers are blurring.

The cost of the travel limit will gradually decrease.

The tourism industry’s recovery will take time and involve both positive and negative factors.

China’s tourism market will see further gains in 2024. China’s economy will experience six positive aspects, including the basic economic trend, the rapid recovery of domestic and international tourism, the continuous development of urbanization, the gradual expansion of source markets, the increase of policies and the reduction of tourism threshold costs. . This decline includes lower ticket prices, less or slower growth in transportation costs, and the replacement of aviation by high-speed rail.

China tourism: 264 million domestic and foreign tourists expected in 2024

Despite the gradual decline in the threshold costs of tourism, the growth of the tourism economy continues to be influenced by a number of factors. Experts believe that the industrial chain is being restructured and fragmented, and domestic tourism demand is the main reason for industrial fragmentation. The disruption of the international industrial chain has consequences for inbound and outbound business travel. Meanwhile, the effects of income and wealth are structurally weaker, especially for low- and middle-income people with higher tourism demand and income elasticities, reducing the number of visits.

In 2024, the number of domestic travels will exceed 6 billion.

Positive policies continue and there are encouraging signs of growth in the tourism supply chain.

It is estimated that by 2024, the number of domestic tourists and domestic tourism revenue will exceed 6 billion and 6 trillion yuan, respectively. In addition, the number of incoming and outgoing tourists is expected to exceed 264 million and international tourism revenues are expected to exceed 107 billion dollars.

As the Spring Festival holiday approaches, consumers’ travel demand has increased, marking the beginning of the first peak in the tourism market for 2024. During the Spring Festival holiday, which is planned to be held from February 9 to February, domestic, international and domestic travel orders increased significantly. 17. This also brings good news for the tourism industry, which has made a positive start to 2024.