Economic Watch: Outbound travel boom mirrors China's consumption vibrancy-Xinhua

Economic Watch: Outbound travel boom mirrors China's consumption vibrancy

Source: Xinhua

Editor: huaxia

2024-05-07 20:53:30

BEIJING, May 7 (Xinhua) -- During the just-concluded May Day holiday, global tourist destinations attracted Chinese holidaymakers in their droves, displaying the increasing power of China's consumption engine.

Bookings for travel services from Chinese tourists during the five-day holiday from May 1 to 5 saw nearly 100 percent growth on the basis of a rapid rebound last year, according to a report from Fliggy, one of the country's leading travel platforms.

Overseas hotel booking volume rose about 100 percent year on year, while the booking value of overseas car rentals surged three times year on year, said the report.

China witnessed a boom of international cruise passenger trips in the holiday after the rapid recovery of cruise ships, with the bookings skyrocketing over 15 times from the previous year, it said.

Chinese tourists traveled to nearly 200 countries and regions around the world during the holiday, covering over 3,000 cities, data from online travel agency Group showed.

Hong Kong, Macao, countries in Southeast Asia, Japan and the Republic of Korea were the most popular destinations for outbound tourism, while Middle Eastern countries such as Kuwait and Saudi Arabia saw rapid growth of Chinese tourists, according to the agency.

As China's economic outlook remains positive and policy measures aimed at stimulating consumption gradually take effect, the country's outbound travel has seen strong recovery since the beginning of the year.

During the eight-day Spring Festival holiday in February, China's outbound tourism soared about 10 times year on year, hitting a record high in recent four years, according to Fliggy.

Starting from Spring Festival, China's inbound and outbound tourism entered the rebound fast lane, and relevant supply chain entities expect recovery to amp up, said the Ctrip Research Institute.

In 2024, Chinese tourists' consumption during outbound travel will be more diversified, and the integration of outbound sightseeing with demands for concerts, sports events and medical care will become more popular, according to a report from the travel platform

The booming outbound travel rush is a testament to China's bolstering consumption, which makes a strong contribution to domestic demand and overall economic growth.

According to the National Bureau of Statistics (NBS), the per capita disposable income of Chinese residents reached 11,539 yuan (about 1,625.17 U.S. dollars) in the first quarter of the year, with per capita consumer spending hitting 7,299 yuan.

Great Wall Securities analyst Jiang Fei noted that in the first quarter, the enthusiasm for travel and tourism among residents has driven consumption in related industries.

To further unleash the potential of outbound tourism, China has signed mutual visa-free agreements with several countries this year. Also, the country's international flight capacity has also been increased.

Wang Guanhua, spokesperson for the NBS, emphasized the importance of consumption in stimulating and expanding domestic demand.

"China has an ultra-large consumer market with a population of over 1.4 billion," Wang said. "The potential for consumption is vast, and its resilience is our greatest strength and source of confidence."