Asia Pacific tourists increase spending
Asia Pacific will overtake Europe as the region whose tourists spend the most money overseas within 10 years, driven by an explosion in the number of Chinese travellers.
Spending by tourists from Asia Pacific will reach nearly $US753 billion ($A816 billion) by 2023, increasing the region's share of global spend to 40% from 25% in 2012, according to a report commissioned by technology firm Amadeus.
Travellers from Europe will account for 34% of global outbound spend by the same year, down from 45% in 2012, said the report.
“The findings underscore what most of us already intuitively know – that we have now truly arrived in the Asian century,” Amadeus Asia Pacific President Angel Gallego said.
“No matter where we look, Asian travellers have and will continue to change the landscape of travel, and business must adapt to them or risk falling behind.”
In January, the state-run China Daily said Chinese travellers spent $102 billion overseas in 2012, making them the world's biggest spenders ahead of German and US tourists.
They are almost certain to have surpassed that record last year, added the report.
Visitor flows from Asia over the next decade is forecast to grow at an annual average rate of 15%, nearly double the preceding 10-year period and faster than any other region, said the report written for Amadeus by forecasting firm Oxford Economics.
Driving this expansion is the explosive growth in the number of travellers from China, the report said.
The Asian economic powerhouse is set to surpass the United States this year as the world's largest source of outbound travellers and is poised to become the biggest domestic travel market globally by 2017, it said.
China's share of global outbound travel is projected to reach 20 per cent by 2023, up from just 1% in 2005.
China's economy has boomed over the past decade, expanding the ranks of its middle-class who are hungry for foreign travel after the country's decades of isolation in the last century.
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