According to the Financial Times website on November 18, a monthly household confidence survey of 1000 consumers conducted by the financial times investment reference found that people’s demand for a safer choice of domestic travel is growing, while their views on outbound travel are becoming less optimistic.
According to the report, although Chinese holidaymakers want to stay at home for many reasons, safety is the most common factor in the consumption survey conducted by the newspaper. 46% of the respondents mentioned this, while 50% of the highest income group. The respondents with lower income tend to take convenience and cost as the reasons for choosing domestic travel, while the middle and high-income consumers with higher income think that the necessity of outbound shopping is reduced.
In recent years, travel options in China have increased significantly thanks to the proliferation of online travel service providers and a large investment in transportation and tourism infrastructure, the report said.
China’s consumers’ desire to shop overseas has also declined due to the reduction of import taxes and the increase of incomes, the report said. Burberry clothing joined the growing ranks of luxury goods companies last week, with strong sales growth in China – helping to make up for the decline in sales at overseas destinations. Bain, a consultancy, estimates that by 2025, domestic sales will account for half of China’s luxury goods consumption, 150 billion euros, up from 27% last year.
According to the report, Chinese outbound tourism is expected to account for an increasing share of the global total, 11% in 2018, compared with only 1% at the beginning of this century. However, global tourism agencies should not expect unrestricted growth of inbound tourists from China – the composition of Chinese tourists will change as China’s economy continues to grow.