China’s Travel & Tourism Sector to Propel Economy with Record ¥12.62TN Boost in 2024, WTTC Report

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The 2024 Economic Impact Report by the World Travel & Tourism Council (WTTC), conducted in collaboration with Oxford Economics, predicts a substantial financial boost for China’s Travel & Tourism industry. By year’s end, a staggering ¥12.62 trillion is expected to be contributed to the national economy.

The study further highlights a surge in domestic travel expenditure, projected to add ¥6.79 trillion to the Chinese economy in 2024. This marks a significant uplift in internal tourism revenue.

The WTTC also forecasts that the sector will account for 10.6% of total employment in China this year, nearing a full rebound to pre-pandemic figures but still trailing slightly behind 2019 by 2%.

Despite these promising developments in economic contributions and employment recovery, the level of spending by international tourists is anticipated to lag by over 25% compared to 2019 figures.

China, one of the last major nations to lift pandemic-related travel restrictions in 2023, saw a delayed resurgence in Travel & Tourism, impacting the sector’s overall recovery.

Julia Simpson, WTTC President & CEO, said; “While China’s Travel & Tourism sector has shown signs of resilience, with a strong recovery in both its economic contribution and domestic travel spend, the much later reopening has meant international travel spend is off the pace.

“The new, more simplified visa application process is certainly a step in the right direction and should see more visitors from overseas this year and next.”

Review of 2023

In 2023, China’s Travel & Tourism sector injected ¥9.2 trillion into the economy, still 24% below the levels seen in 2019. Employment in the sector improved by almost 16%, yet the total workforce was 4.8 million short of its previous peak, with 77.47 million employed. Domestic travel spending grew modestly to just over ¥5 trillion, 17.2% shy of 2019 levels, while spending by international travelers was markedly lower at about ¥406 billion, nearly 58% below pre-pandemic figures.

Regional Perspective: Northeast Asia

For Northeast Asia, Travel & Tourism is poised for a 29% growth in 2024, aiming for a record-setting USD 2.3 trillion. Employment is expected to closely approach 2019 numbers, with projections of over 89.5 million jobs. This year, spending by international visitors should exceed USD 250 billion, and domestic travel spending is predicted to hit an unprecedented USD 1.2 trillion, exceeding pre-pandemic levels by nearly 10%.