Forecast: Tourism Expenditure of Urban Residents in China

The tourism expenditure of urban residents in China has shown significant growth from 2013 to 2019, moving from 20.69 to 47.51 hundred billion Yuans Renminbi. A sharp decline occurred in 2020, attributed to the global pandemic, but the sector rebounded well in subsequent years, reaching an estimated 57.18 in 2023. The sector's year-on-year growth rate for 2022 was an impressive 93.95%, and it continued with a 24.7% rise in 2023. The compound annual growth rate (CAGR) over the last five years (2019-2023) stands at 6.07%. Forecasts indicate a steady increase with a projected CAGR of 5.39% over the next five years, expecting the expenditure to reach 80.54 by 2028.

Future trends to watch for:

• Sustained recovery post-pandemic, enhancing international tourism campaigns.
• Potential influence of government policies to boost domestic tourism.
• Integration of technology and digital platforms in travel planning and bookings.
• Growing consumer preference for sustainable and experiential travel.