With the growing number of the middle class, China’s outbound travel spend will be near twice the amount of the U.S. ($134 billion), reaching $255.4 billion by 2025 according to a joint survey by Visa and Oxford Economics.
The outbound travel spend of Germany, U.K, and France are estimated to reach $97.6 billion, $96.9 billion, and $43.9 billion respectively by 2025; the total amount of these three countries is a bit less than China’s outbound travel spend, which is estimated to reach $255.4 billion by 2025.
In the next decade, Russia will have the highest growth rate (118%) in outbound travel spend.
Households that have the household income between $20,000 to $150,000 are the driving forces of outbound travel; 95.1% of German outbound travel spend is made up by households whose household income is between $20,000 and 150,000.
China’s annual outbound travel spend per household was $5,696 in 2015, higher than the world’s average and is estimated to be $5275 by 2025.
Thanks to the improvement of Chinese people’s living standard and consumption level, the number of Chinese outbound tourists has increased in recent decades. Asia pacific, South Korea, and Japan are very popular destinations for Chinese tourists.