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Published on : Thursday, July 14, 2016
Within 2017, Asia-Pacific region’s digital travel market would surpass North America, making it the world’s largest digital travel market according to a recent report. It has been estimated that customers of Asia-Pacific would spend approximately $216 billion in 2017, a sharp increase from North America’s $200 billion expenditure.
Digital travel involves the booking of tours, flights and hotels through online platforms.
Of late, Airbnb has received funds to expand its operations in India while a travel services company named Ctrip has purchased stake in MakeMyTrip, an online travel agency from India.
The Chinese have been observed to spend a larger amount in travel, alongside its growth in the sphere of mobile phones. Chinese consumers have spent 53% more in 2015 as compared to the expenses they incurred in 2014, despite the economic slowdown, as revealed by the World Travel & Tourism Council.
Furthermore, upper-class Chinese millennials have been spending nearly $65,000 per year on vacations, as per a report published by Marriott International and the Hurun Report. Boasting of the largest population in the entire world, the country that has experienced economic slowdown continues to enjoy an ever-increasing appetite for travel.
A report by eMarketer states that China would enjoy a lion’s share of the digital travel market that would account for 24% within 2020 right from 17%. It also said that the digital travel market of US would decrease to 26% from 32% by the next four years.
Chris Bendtsen, eMarketer analyst had asserted that the growing dependence of the Chinese tourists on smartphones is one of the important factors that have spurred the growth of its digital travel market.
Qunar and Ctrip are two of the most popular travel apps that are frequently downloaded by Chinese travelers as declared by eMarketer.
Wang Haxia, vice president, eMarketer told the press that it has been witnessing a growing trend of Chinese tourists visiting UK ever since the weakening of the pound following Brexit.