Analysis-Chinese outbound travel recovery lags due to costs, visa snags By Reuters

From Investing.com: 2024-06-16 19:07:16

Chinese overseas travel recovery from COVID-19 is slowing due to rising costs and visa difficulties, favoring local and short-haul trips. Chinese travelers spent 24% less in 2022 compared to 2019, impacting global travel companies and countries like France and Australia. This shift may persist for up to five more years.

The devaluation of the yuan against the dollar is raising travel costs for Chinese tourists abroad. Consultancy Oliver Wyman predicts China’s international travel recovery may extend to late 2025, with cost-conscious consumers influencing travel trends. Despite a recovery, people are opting for domestic trips over international ones due to convenience and visa processing delays.



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