Published on : Tuesday, October 17, 2017
There’s has been a dramatic shift in recent years in global tourism spending by outbound travelers. In 2015, around 49 percent, or $672 billion, came from tourists who set off to travel the world from developing countries.
A decade earlier, developing countries accounted for just 25 percent of these so-called International Tourism Expenditures. The development of China, and its dramatic flow of tourists heading abroad, has done much to catapult outbound tourism.
While China has grown greatly, other countries are also starting to accelerate their economic growth and also their International Tourism Expenditure (ITE). Over the past decade, travel expenditure has begun shifting from developed markets to emerging markets.
The scenario started to change due to the economic growth seen in emerging markets, particularly China. In 2005, non-OECD members accounted for just 25 percent of travel expenditure. By 2015, the figure reached 49 percent, amounting to $672 billion growing year-over-year in the past decade of which $292 billion came from China alone.