Date
30 March 2017
A weaker currency is dampening the enthusiasm of some Chinese for overseas travel. Photo: Bloomberg
A weaker currency is dampening the enthusiasm of some Chinese for overseas travel. Photo: Bloomberg

China outbound tourism seen slowing significantly

China is expected to see a significant slowdown in outbound tourism due to the weaker yuan and an uncertain economic outlook.

According to CLSA, annual growth of Chinese outbound tourists will slow to 9 percent in the next five years from a 17 percent clip in the past five years.

About 60 percent of respondents in a survey said they will cut their travel plans if their income falls in the coming three years, the brokerage said.

Forty-three percent said they will reduce their overseas travel if the renminbi declines about 10 percent. 

CLSA, however, maintained its previous forecast that 200 million Chinese will travel overseas by 2020.

According to the investment house, Chinese tourists now prefer cultural and sightseeing tours in Japan, South Korea and the United States. About 11.4 million mainland tourists will visit Japan by 2020, it said.

According to Japanese official data, Chinese tourists to Japan increased in number to 4.99 million in 2015, accounting for over one fourth of all foreign tourists in that country. Their average spending of about 283,800 yen (US$2,430) topped that of tourists from all other countries.

Hong Kong will see big decrease in the number of mainland tourists due to several factors, including the lack of new tourism attractions in the city and a stronger currency.

Conflicts in the recent past between Hong Kong people and mainland visitors will also affect visitor inflows, according to CLSA.

[Chinese version 中文版]

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