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 2016, revenue for the Travel Agencies industry in China has increased at an annualized rate of 12.6% to $80.0 billion. ACMR-IBISWorld forecasts that growth will increase by 7.7% annually over the next five years, as the government is emphasizing the strategic importance of tourism. In 2021, industry revenue is projected to reach $115.7 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 - Industry Products Chapter
Domestic travel services
Domestic travel services are the largest segment in the industry, accounting for 90.7% of revenue in 2016. Domestic travel agencies are only allowed to provide domestic tour services for local residents and their registered capital must be no less than RMB 300,000 ($44,000).
The share of this segment has increased since 2001 due to China's rapid economic development and the tourism sector's growth during these years. Demand for domestic travel increases as disposable income of domestic residents increases... purchase to read more