“In 2014, total direct investment in China travel industry exceeded RMB705.3 billion (US$114.94 billion), which settled 88.5 million people’s employment, representing 11% of total employment in China”, said by Shao Qiwei, the former head of China Tourism Administration. China’s travel market is expected to accept 6 billion person-trips by 2020.
China is poised to overtake the U.S. as the number one business travel market in the world in 2017 considering their current and estimated growth in business travel market.
After the earthquake in Wenchun, Sichun province in China in 2008, local residents’ income in travel industry in 2014 was over RMB11,260. Besides, folk custom tourism market in Beijing suburb accepted 19 million personal trips in 2014.
Travel is getting more and more popular. By 2020, urban and rural residents’ average trips will be 4.5 and there will be over 6 billion person-trips in China. Further, total consumption of tourism will exceed RMB5.5 trillion. By 2030, total consumption of tourism in China will be over RMB11 trillion.
Shao pointed out that the supply and demand of China travel products had been unbalanced. China travel market can not meet travelers’ demand in vacation. Travel products’ supply and demand for teenagers and the old is more serious.
In terms of travel equipment industry, the market can be categorized as large travel equipment, travel novelty and travel souvenir. Now, China is making great efforts in large travel equipment industry.
Also read: China Inbound Travelers in 2014