The most recent economic news to emerge from China has been something of an eye-opener; after a few months of turbulence that included a significant wobble on the stock market – or, if you prefer, a correction – the country’s economic growth has dropped to its lowest level since 2009. However, this supposedly anaemic growth is in fact 6.9 per cent, the kind of figure that is beyond the wildest dreams of western economies, even in good times – let alone in the troubled last few years the developed world has endured. What all this indicates is that China has grown significantly richer over the past few years.
Having begun to open up in the 1980s, the country has embarked on a major new economic project, retaining its one-party government and big schemes, but ditching the Marxism when it comes to creating wealth and trading with the world. The wealth has not been spread evenly, with rural areas remaining poor while urban dwellers have seen their standards of living rise. But that all means a large section of the 1.4 billion people living in China have a lot more cash to spend, and one way they are doing so is by taking up opportunities to travel that their parents’ generation seldom enjoyed. All this means there is plenty of money to be made by the tourist industry, with the west being targeted heavily.
The US is expected to enjoy more of a boom in the years ahead, but the UK and Europe will benefit too. Research has consistently shown that Chinese tourists want authentic experiences. They want to immerse themselves in the history, heritage, sport and lifestyles of the countries they visit, try the food and learn new things. To give one obvious example; an increasing number of tourists from China enjoy attending English Premiership football matches, proving hotels with obvious package tour opportunities. That is all good news for hotels located in areas of cultural and heritage attractions, but it also a good reason to ensure Chinese visitor needs are carefully met. Providing Chinese and Mandarin booking services, or tailoring cultural events and promotions towards this market, will bring plentiful rewards.
Of course, like the Chinese economy, things will move faster than anywhere else even if they are slow by Chinese standards. Thus it should be noted that skiing and safaris are new growth areas. In short, while China continues to get richer and more tourists emerge, the opportunities will only grow in range, size and potential to provide new income.
