Outbound Tourism Spending Habits in Top 10 Countries
Summary
The report “Outbound Tourism Spending Habits in Top 10 Countries” provides detailed information on the top 10 outbound tourism markets globally. This report analyzes market data and provides a better understanding of tourism flows and tourist expenditure.
For instance, China is the largest outbound market with 130.9 Million trips in 2015, although more than one-third of these are to the countries in Greater China. Trips grew at a CAGR of 12% during the 2012-2016, thanks to increasing disposable incomes and a growing middle class population. South Korea’s deployment of US- built Terminal High Altitude Area Defense (THAAD) missiles has led some Chinese tourists to select Vietnam as an alternative to South Korea. Chinese trips to South Korea (one of the biggest gainers of growing Chinese outbound travel) fell by 40% in March 2017, according to the Korea Tourism Organization.
Canada, the fifth-largest outbound market has been witnessing a decline in trips in recent years. This is largely due to a weaker currency which led to a fall in trips to the US, the largest destination market for Canadians, accounting for 60% of the total trips. With recent terror attacks in Turkey, German trips to this key destination market have been experiencing a fall in recent years. Germany has a large Turkish population, and a significant number of trips to Turkey are VFR.
The US retained its spot as the largest outbound tourism market in terms of expenditure in 2016. However, the average expenditure per outbound trip is highest in Australia. This can be attributed to their very high average length of stay per trip (21 nights in 2016 compared to 17 nights of US outbound tourists). The appreciation of the dollar against other major currencies (such as Euro, Canadian dollar) made outbound travel relatively inexpensive encouraging US tourists to take more foreign trips. However, the strengthening of the dollar in recent years did not translate into increased average spending. This could be because of a growing number of low-cost carriers (example: Norwegian and Scoot) on transatlantic routes, lowering transportation costs.
Retail represents the largest share in the overall Chinese outbound travel expenditure. They are high spenders on shopping, particularly luxury items. Paris is one of the favorites for this. In recent years, Japan is gaining popularity for shopping due to the depreciation of the yen and the increase in duty-free items.
In particular, this report provides the following analysis –
– Historic and forecast tourist volumes covering the top 10 global outbound tourism markets
– Detailed analysis of tourist spending patterns in these markets such as average spending per trip and total expenditure
– Insights on key trends and issues in top 10 outbound markets
Scope
– China is the largest outbound market with 130.9 million trips in 2015, although more than one-third of these are to the countries in Greater China. Trips grew at a CAGR of 12% during the 2012-2016 period, thanks to increasing disposable incomes and a growing middle class population. South Korea’s deployment of US- built Terminal High Altitude Area Defense (THAAD) missiles has led some Chinese tourists to select Vietnam as an alternative to South Korea. Chinese trips to South Korea (one of the biggest gainers of growing Chinese outbound travel) fell by 40% in March 2017, according to the Korea Tourism Organization
– The US retained its spot as the largest outbound tourism market in terms of expenditure in 2016. However, the average expenditure per outbound trip is highest in Australia. This can be attributed to their very high average length of stay per trip (21 nights in 2016 compared to 17 nights of US outbound tourists). The appreciation of the dollar against other major currencies (such as Euro, Canadian dollar) made outbound travel relatively inexpensive encouraging US tourists to take more foreign trips. However, the strengthening of the dollar in recent years did not translate into increased average spending. This could be because of a growing number of low-cost carriers (example: Norwegian and Scoot) on transatlantic routes, lowering transportation costs
– Retail represents the largest share in the overall Chinese outbound travel expenditure. They are high spenders on shopping, particularly luxury items. Paris is one of the favorites for this. In recent years, Japan is gaining popularity for shopping due to the depreciation of the yen and the increase in duty-free items
Reasons to buy
– Predict about how the top 10 markets are expected to grow using historic and forecast market data
– Understand the demand-side dynamics within the industry to identify key market trends, growth opportunities
– Direct the promotional efforts on most promising markets by identifying the key source countries.
