by Staff Reporter
April 5, 2013 (TSR) – With its sustained growth, China’s expenditure on travel abroad reached US$ 102 billion in 2012, making it the first and single tourism source market in the world in terms of spending, surpassing both top spender Germany and second largest spender United States (both close to US$ 84 billion in 2012) according to the World Tourism Organization (UNWTO) news release on Thursday.
Over the past decade China has been, and still is, by far the fastest-growing tourism source market in the world. In 2005 China ranked seventh in international tourism expenditure, and has since successively overtaken Italy, Japan, France and the United Kingdom.
China has now become the largest spender in international tourism globally in 2012.
Thanks to rapid urbanization, rising disposable incomes and relaxation of restrictions on foreign travel, the volume of international trips by Chinese travellers has grown from 10 million in 2000 to 83 million in 2012. Expenditure by Chinese tourists abroad has also increased almost eightfold since 2000. Boosted by an appreciating Chinese currency, Chinese travellers spent a record US$ 102 billion in international tourism in 2012, a 40% jump from 2011 when it amounted to US$ 73 billion.
Some of the other emerging markets have also increased their share of world tourism spending over the past decade.
Among the world’s top ten source markets by expenditure, the Russian Federation saw an increase of 32% in 2012, to US$ 43 billion, bringing it from the 7th to 5th place in the ranking of international tourism spending. Worth mentioning beyond the top ten is Brazil, which also experienced a significant increase, with an expenditure of US$ 22 billion in 2012, moving to 12th place in up from 29th place in 2005.
“Emerging economies continue to lead growth in tourism demand” said UNWTO Secretary-General, Taleb Rifai. “The impressive growth of tourism expenditure from China and Russia reflects the entry into the tourism market of a growing middle class from these countries, which will surely continue to change the map of world tourism,” he added.
Although the highest growth rates in expenditure abroad came from emerging economies, key traditional source markets, usually growing at a slower pace, also posted positive results.
Spending on travel abroad from Germany and the US grew by 6 per cent each, while UK spending grew by 4 per cent allowing the country to retain its fourth place in the list of major source markets.
Expenditure by Canada grew by 7 per cent, while both Australia and Japan grew by 3 per cent.
On the other hand, France (-6%) and Italy (-1%) were the only markets in the top ten to record a decline in international tourism spending.