Industry Analysis & Industry Trends
Along with the rapid development of China's economy, the tourism sector in China has experienced strong growth in recent years. As more people travel, demand for travel services increased. In the five years through 2014, revenue for the Travel Agencies industry in China has increased at an annualized rate of 14.0% to $62.5 billion. ACMR-IBISWorld forecasts that growth will increase by 9.2% annually over the next five years, as the government is emphasizing the strategic importance of tourism. In 2019, industry revenue is projected to reach $97.4 billion.
China has become the world's fourth most popular destination for international tourists and the most popular within Asia.... purchase to read more
Industry Report - Starting a New Business Chapter
Central and provincial legislation and regulations are important legal barriers facing a new firm entering the industry. For example, establishments within the industry need to comply with the Circular of the National Tourism Administration and the Ministry of Foreign Trade and Economic Cooperation on Modifying Interim Measures for Trial Chinese-foreign Joint Ventures of Travel Agencies.
Some large domestic and international travel agencies, such as CITS and CYTS, have constantly expanded in size, built good reputations and brands names and established extensive distribution channels. Economies of scale advantages of these firms present another barrier to entry for potential establishments... purchase to read more