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China inbound and outbound tourism to hit 90M for 1H23

July 19, 2023 China Industry Updates

Spending for domestic tourism in Mainland China now at more than 275 billion USD; expected 90 million inbound and outbound tourism still at a third of pre-COVID levels.

Original story by Asia Gaming Brief

Among all Chinese travelers, in the first half of the year, urban residents spent RMB1.98 trillion ($276 billion) on travel, up 108.9 percent year on year, and travelers from rural areas spent RMB 320 billion ($447 million) on travel, up 41.5 percent from the last year.

The Ministry of Culture and Tourism of China from the Central Government released the latest report for domestic tourism in 1H23. The official statistical data show that China records 2.384 billion domestic tourists in the first six months of the year, up 63.9 percent.
Chinese inbound and outbound tourism make a profound impact for the gaming industry in Southeast Asia. In our previous story, financial holdings company Nomura has actually lowered its forecasts for Malaysia-based IR and casino operator Genting due to an expected slowdown of China’s economy which will actually impact Chinese tourist visits.
Investment bank Hong Leong is optimistic that tourism will also increase in China because of increased air travel and lessened regulatory scrutiny for the rest of the year.
Recently, the government of Macau announced that arrivals have ballooned to more than 10 million and have cited the contribution of visitors from Mainland China
According to a China Tourism Research Institute blue paper, China is expected to record 90 million inbound and outbound tourist arrivals in 1H23, recovering to 31.5 percent of the pre-COVID levels.

The study also notes that although the current supplier side issues (such as limited airline capacity and the loss of staff during the pandemic) slow the recovery, the agency expects to see a big increase from 2H23 onwards, indicating that it is important to identify the market demand earlier and in line with the upcoming trend, as it is still in a transitional stage of China’s tourism market recovery.

Original story by Asia Gaming Brief with additional insights from ACN. To read the original story, visit: https://agbrief.com/news/china/17/07/2023/chinas-domestic-tourism-spending-rises-96-percent-in-1h23/