China’s tourism to grow faster than its GDP

People in China have switched from buying big-ticket items like flats and cars to experiential consumption

Aug 25, 2023

China’s tourism industry will grow faster on average than the country’s gross domestic product (GDP) in the next decade, according to Fan Lei, chief financial officer of online agency Tongcheng Travel.

Key takeaways

  • While the Chinese economy has slowed down and consumption in education, property and cars has weakened, people are still spending money - but in areas different from before;
  • People are switching their spending habits from buying expensive products to paying for experience-type consumption;
  • As China’s consumer prices tipped into deflationary territory in July, the tourism industry, hit hard during the pandemic, has emerged as a rare bright spot since the country reopened its border in December.

Get the full story at the South China Morning Post

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