This fall, the International Luxury Travel Market (ILTM) will hold its second annual show dedicated to Chinese travel advisors, giving tourism boards and travel companies the chance to target an audience of outbound travelers that is expected to increase nearly 4,000% percent by 2023.
According to Agility Research, Chinese residents made 49.7 million trips overseas last year. That's an increase of 1,326% from 2001 when the figure was 10.5 million. By 2030, Agility predicts the figure will reach 400 million and will account for a quarter of international tourism.
That's especially good news for the luxury travel sector, as the researchers also found that travel is the most popular item for affluent Chinese to spend their money on, and that they are traveling farther and farther from home.
"The proven growth in Chinese outbound travel is there for all to see, but we also realize that just 9% of Chinese travelers (120 million people) own a passport compared to 40% of Americans and 76% of Britons," said event manager Andy Ventris. "Clearly the potential for further growth - China's population is 1.42 billion - is staggering and ILTM China has been created to support today's Chinese luxury traveler by introducing their travel agents to a new world of international travel."
According to the United Nations World Tourism Organization (UNWTO) Chinese tourists spent $277.3 billion overseas last year, up from about $10 billion in 2000. That's compared to $144.2 billion spent by outbound American travelers.
The show runs from Oct. 30 to Nov. 1, so it's too soon to know exactly how many exhibitors and advisors will attend, but the inaugural event last year had 215 luxury travel suppliers from 44 countries and more than 200 buyers from 18 major Chinese cities, including Beijing, Chengdu, Chongqing, Guangzhou, Hangzhou, Nanjing, Shanghai and Tianjin.
Organizers said they expect similar numbers this year, including tourism boards from Whistler and Vancouver in Canada; Salzburg, Austria; Berlin; Greece; and Monaco.
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Correction: ILTM China runs from Oct. 30 to Nov. 1.