Chinese millennials promise to reshape the global tourism industry. Unlike their parents’ generation, who preferred to travel abroad on Chinese-organized tour groups, today’s young Chinese are independent, individualistic and willing to try more adventurous vacations. This shift is opening up huge new opportunities for travel and tourism operators worldwide. They can now advertise directly to China’s 400 million children of the 1980s and 1990s, who often book their next trip online and on impulse. For operators able to target this group, the rewards can be spectacular. Chinese millennials already make more overseas trips than all American tourists combined.
Wellness tourism is a $3.7 trillion market globally and China is becoming one of the largest source countries for tourists who wish to combine tourism and medical treatment. 2016 saw the greatest number yet of Chinese tourists opting for such medical travel, and the largest spending ever. The rising numbers can be explained by a lack of medical resources domestically combined with people making overseas medical tours a form of luxury entertainment. What are the most favorable destinations for medical tourism? How do people book these tours and how emerging tourism companies make money from such customized trips?
The opening of the Shanghai Disney Resort in June 2016 was arguably the biggest event in the history of The Walt Disney Company since 1995. Philippe Gas, General Manager of the Resort, who has been working with Disney for 25 years, discusses the challenges of building the park and offers a detailed, inside look at the long process of developing the park with the Chinese government, the unique localization that Disney built into the resort and the overall mission to bring happiness to guests. So far the park has received positive reception from the public, but according to Gas, it’s just the beginning.
Over 120 million Chinese went abroad and spent over $104.5 billion in 2015 and more are projected for 2016. But for young Chinese people, their spending isn’t all about shopping in tax-free shops. As Leo Lin Song, chief of staff of TripAdvisor says, Chinese travelers are becoming more sophisticated: they’re reaching to further places and want to have more distinct cultural experience and not afraid to explore the unknown. Yet compared to western travelers, Chinese tourists are still special. They like to read pictures and need clear guidance—and that’s where TripAdvisor chips in.
According to the Hurun Global Rich List, with 568 billionaires, Greater China overtook the US (with 535 billionaires). Mainland China, Hong Kong, Taiwan and Macau minted 90 new billionaires over last year. Even as the ranks of billionaires swell in China, the damning reality is that wealth is concentrated amongst a handful of people. According to a survey conducted by a Peking University institute, 1% of families in China own 1/3rd of the wealth. That speaks of a serious imbalance in the society. In this edition of China Data, we bring you statistics on China’s wealth imbalance, Dalian Wanda’s investment in healthcare, Chinese tourists in Japan, and more.
Wang Jianlin’s sprawling business conglomerate, the Dalian Wanda Group, has its fingers in many pies: from real estate and retail to sports and entertainment.
Four-year-old online vacation rental site Tujia, which is valued at $1 billion, offers Airbnb-like services with unique twists suited to the specific needs, wants and quirks of Chinese travelers.
Leading Chinese online travel company Ctrip now faces the dual challenges of overseas expansion and stronger competitors
An increasing number of brands are finding it lucrative to woo the growing legions of Chinese tourists—both outside China and within.
This week, there was fresh debate over whether China will overtake the US to become the largest economy in the world this year, the RMB inched one step closer to true internationalization, and all eyes were on Hong Kong to gauge the impact of the Occupy Central protests on the economy.