Travel sales in China are set to strongly rebound in 2023, following the lifting of COVID-19 restrictions in the country and the reopening of the border to inbound arrivals. In terms of domestic tourism, volume is predicted to recover faster than expenditure, which will be driven mostly by a slowdown in economic growth, but also by a low in consumer confidence, meaning greater trading down for travel products.
After three years of setbacks affected by stringent mobility restrictions as a result of the pandemic, 2023 will mark the beginning of recovery for airlines, with value sales set to grow by triple digits. However, values sales are not expected to return to pre-pandemic levels (at constant 2023 prices) until 2025.
Demand for lodging is set to strongly rebound due to pent-up demand from the pandemic and related restrictions. Mid-market hotels are set to outperform other price segments as consumers trade up on accommodation, such as moving from unrated or budget to mid-market options.
Travel intermediaries are set to experience a robust rebound in 2023, driven by long-haul flights and outbound travel. Strong pent-up demand, combined with rising travel prices, have particularly helped these intermediaries to recover revenue.
The ending of the “zero-Covid” policy has set the tone for China’s travel industry to recover to pre-pandemic value sales levels (at constant 2023 prices) over the forecast period. The removal of entry and testing requirements means that outbound travel from China is set for strong growth, although wide variation remains between recovery levels for different regions.
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Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
See All of Our DefinitionsThis report originates from Passport, our Travel research and analysis database.
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