The number of travel agencies in China increased steadily from 2013 to 2019, with a notable jump between 2018 and 2019. However, the industry faced a significant decline in 2020 due to the pandemic, dropping by over 20%. Recovery began in 2021 with a strong 36.55% increase and the number further stabilizing in 2022 and 2023, reaching 42.16 thousand in 2023. Over the last five years (2019-2023), the industry had a moderate CAGR of 2.48%. Future projections suggest continued growth, with an expected 5-year CAGR of 2.68%, reaching nearly 50 thousand by 2028.
Future trends to watch:
• Digital transformation and online booking platforms.• Increased interest in domestic travel due to international travel restrictions.• Integration of AI and personalization in travel services.• Growing demand for sustainable and eco-friendly travel options.• Impact of emerging technologies like virtual reality for travel experiences.
