Year-on-year, more Chinese residents are travelling overseas. Over 130 million outbound Chinese tourists travelled overseas in 2017, which was an increase of seven percent from the previous year.
With the Chinese economy rebounding following strong results from markets in mainland China and Hong Kong, there is more money in the hands of Chinese travellers than ever before. This resulted in Chinese travellers spending 40 percent more during their travels.
It has been the younger millennials who’s spending habits have increased the most, with those born after 1990 increasing their travel spend by 80 percent in the last year.
In October 2016, only 120 million Chinese passports were in circulation, only 8.7 percent of the total population of China. More than 400 million passports are expected to be in circulation by 2030, which will also dramatically increase the total Chinese visitor spend.