How has tourism performance been of late?
- The recovery for Chinese tourism has been uneven, with a swift and sound rebound in domestic tourism, and tepid and partial growth for outbound tourism in 2023. Domestic tourism volume will exceed the pre‑pandemic levels in 2024. According to the latest data from the National Bureau of Statistics, about 489m domestic trips were made in 2023, generating Rmb4.9trn (US$679bn) in tourism revenue. Spending per domestic tourist in 2023 has already surpassed its pre‑pandemic levels, reaching a five‑year high. This strong rebound in domestic tourism mirrors the continuing recovery of service consumption in China, owing to a shifted consumption preference towards experiential spending.
- Meanwhile the rebound in services consumption has not had enough of a positive impact on outbound tourism. We do not…