Thursday, June 6, 2024 The 2024 Economic Impact Report by the World Travel & Tourism Council (WTTC), conducted in collaboration with Oxford Economics, predicts a substantial financial boost for China’s Travel & Tourism industry. By year’s end, a staggering ¥12.62 trillion is expected to be contributed to the national economy.
The study further highlights a surge in domestic travel expenditure, projected to add ¥6.79 trillion to the Chinese economy in 2024. This marks a significant uplift in internal tourism revenue.
The WTTC also forecasts that the sector will account for 10.6% of total employment in China this year, nearing a full rebound to pre-pandemic figures but still trailing slightly behind 2019 by 2%. Despite these promising developments in economic contributions and employment recovery, the level of spending by international tourists is anticipated to lag by over 25% compared to 2019 figures.
China, one of the last major nations to lift pandemic-related travel restrictions in 2023, saw a delayed resurgence in Travel & Tourism, impacting the sector’s overall recovery. Julia Simpson, WTTC President & CEO , said; “While China’s Travel & Tourism sector has shown signs of resilience, with a strong recovery in both its economic contribution and domestic travel spend, the much later reopening has meant international travel spend is off the pace. “The new, more simplified visa application process is certainly a step in the right direction and should see more vi.