China travel accelerates

April 12, 2016 by  
Filed under China PRC, News

BANGKOK, 12 April 2016: About half all Chinese travellers took free-and- easy trips during the Chinese New Year holiday, last February, while the remainder travelled in tour groups according to a China Internet Watch market review.

Many overseas trips started as early as 31 January with the longest trip lasting 19 days and the shortest around three days.

During 2015 transaction values of all Chinese travel agencies was estimated at 365.29 billion yuan (USD55.88 billion) and online bookings reached about 73.55 billion yuan (USD11.25 billion) according to ctcnn.com.

inside no 8Travel agency transactions represented an increase of 11.2% compared with 328.51 billion yuan (USD50.25 billion) in 2014, while the online travel agency market increased 71.4% in 2015 compared with 42.9 billion yuan in 2014.

China Internet Watch reported Ctrip, Tuniu, and CY were the top three largest OTAs by transaction values in 2015. The three accounted for 50% of total OTA market share.

CY increased its market share in 2015 by 3.7 percentage points higher than 2014 and Tuniu increased by 3.3 percentage points compared with 2014.

China generated 120 million outbound trips in 2015 with an estimated spend of USD250 billion, making the country the largest outbound travel source market worldwide. By 2025, outbound travel is estimated to grow to 220 million trips with a total spend of USD450 billion, according to a Goldman Sachs’ report.

Today, only 4% of people in China have passports, but it will rise to 12% within 10 years.

The number of travel ready “millennials” who will graduate from Chinese universities in the next 10 years will reach 74 million.8

(Source: China Internet Watch  www.chinainternetwatch.com)

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