Chinese Tourists Drive May Day Holiday Boom, Boosting Global Tourism
Chinese tourists are preparing to embark on their May Day holidays, which run from May 1st to May 5th, and their return is expected to have a significant impact on the global tourism industry. Analysts predict a surge in outbound travel bookings, with countries like Japan, South Korea, Malaysia, and the US among the top destinations. Industry experts believe that the return of Chinese travelers, known for their high spending power, will significantly boost local economies and contribute to global economic growth.
Visa Facilitation and Improved Air Capacity Drive Tourism Rebound
The rebound in Chinese tourism is being driven by visa facilitation and improved air capacity. In January, the UN Tourism agency predicted that Chinese outbound and inbound tourism would accelerate in 2024 due to these factors. China has already concluded visa-free agreements with over 150 countries, and many airlines have announced increased capacity on international routes. Beijing Daxing International Airport expects to handle over 14,000 daily inbound and outbound passenger trips during the May Day holidays.
Chinese Tourists: Major Contributors to Global Tourism
China has consistently been one of the largest tourist sources and host countries in the world. In 2019, before the COVID-19 pandemic, Chinese tourists spent $133.8 billion on outbound tourism, ranking first globally in spending. Analysts expect China to regain its position as the world’s top tourism spender in 2024. This is significant because tourism is not just a one-time consumption activity; it also drives the development of related industries like catering, entertainment, and retail.
Momentum of Consumption
The May Day holidays are also expected to boost consumer spending in China. Industry experts believe that consumption could reach new heights, driven by shopping festivals and trade-in activities. This will further stimulate economic growth in the country. In the first quarter of 2024, China’s total retail sales of consumer goods rose 4.7 percent year-on-year, indicating a steady expansion in consumption.
The increase in consumer spending reflects rising disposable income and stable economic growth in China. In the first quarter, the per capita disposable income nationwide increased by 6.2 percent, providing Chinese citizens with more spending power.
The return of Chinese tourists and the momentum of consumption are positive signs for the global economy and refute the “Peak China” narrative promoted by some Western observers. China remains an engine of global economic growth, and its contribution to the world’s economic system is estimated to be around 30 percent.
