|Yuan appreciation increases Chinese travel.|
Monday, 2nd February 2009
Source : HVS International
Despite the global financial recession, mainland Chinese outbound travel has increased during the 2009 Lunar New Year festive period.
This is attributed mainly to the appreciation of the Chinese yuan which resulted in lower hotel and flight prices, discounted tour packages and luxury shopping deals in destinations such as the United States, Europe, Australia and Japan.
According to China National Tourism Administration (CNTA), 46 million mainland Chinese tourists travelled overseas in 2008, a 12% increase compared to 2007.
In spite of the current recession, CNTA forecast that outbound travel would increase by 9% to 50 million tourists in 2009 as consumers reach out for more cost-effective travel and family tours.
Based on a survey carried out by Nielson Company and Pacific Asia Travel Association (PATA), mainland Chinese travellers spend an average of US$1,359 per luxury good in Europe, the highest amount across all destinations.