Travel Agencies in China - Market Research Report (2014-2029)
Beijing, China
Last Updated: May 2024
7480Revenue
$121.8bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
646k
Businesses
44,755
Wages
$X.Xbn
Travel Agencies in China industry analysis
As China's economy has rapidly developed over the past five years, the tourism sector in China has also experienced strong growth. As more people have been travelling, demand for travel services has increased. Revenue for the Travel Agencies industry in China is expected to increase at an annualized 1.0% over the five years through 2024, to $121.8 billion. Industry revenue has increased due to rising demand over the four years through 2019. However, revenue is anticipated to have fallen by 9.0% in 2020 due to the COVID-19 outbreak. In 2024, industry revenue is expected to grow 6.1% to $121.8 billion. ACMR-IBISWorld forecasts that revenue will increase by an annualized 5.2% over the five years through 2029, as the government helps the industry recover and emphasizes the strategic importance of tourism. Additionally, demand – initially restricted due to the COVID-19 pandemic – is also forecast to increase over the period. Industry revenue is projected to reach $157.0 billion in 2029.
Trends and Insights
- Tourism heavily relies on the economy and the population's disposable income level. As China's economy has rapidly developed, the tourism sector in China has experienced strong growth over the past five years
- Domestic travel services account for the largest segment in the industry, at an estimated 90.8% of revenue in 2023. Domestic travel agencies must have registered capital of no less than RMB 300,000 ($44,000) are only allowed to provide domestic tour services for local residents.
- Industry activity is concentrated in Beijing, Guangdong and Shanghai in terms of sales revenue. These locations jointly account for an estimated 42.4% of total revenue in 2023.
- Operators largely compete against each other based on the price of their services. Many services are available in the domestic market and competition is intense. In recent years, travel agencies have been forced to decrease prices to attract consumers.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 1.0 % over the past five years, to reach an estimated $121.8bn in 2024.
Trends and Insights
The industry's development is affected by economy
- Tourism heavily relies on the economy and the population's disposable income level. As China's economy has rapidly developed, the tourism sector in China has experienced strong growth over the past five years.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The government will support the industry
- Document No. 41 announced by the government in 2009 positioned the tourism sector as one of the most important strategic industries, which will afford the industry more investment and government assistance.
Biggest companies in the Travel Agencies in China
| Company | Market Share (%)
2024 | Revenue ($m)
2024 |
|---|---|---|
CITS Group Corporation | 16,074.3 | |
HNA Tourism Group | 2,696.1 | |
China CYTS Tours Holding Co., Ltd. | 2,317.4 |
To view the market share and analysis for all 10 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Domestic travel agency services and International travel agency services. Domestic travel agency services is the largest segment of the Travel Agencies in China.
Trends and Insights
Domestic travel services is the largest segment of the industry
- Domestic travel services account for the largest segment in the industry, at an estimated 90.8% of revenue in 2024. Domestic travel agencies must have registered capital of no less than RMB 300,000 ($44,000) are only allowed to provide domestic tour services for local residents.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Convention & Exhibition Services in China
Complementors
- Airports in China
- Hotels in China
- Car Rentals in China
International industries
- Global Travel Agency Services
- Travel Agencies in the US
- Tour Operators in the US
- Travel Agencies in Canada
- Tour Operators in Canada
Table of Contents
About this industry
Industry definition
Firms in the Travel Agencies industry mainly provide travel services for businesses, groups and individuals. These services include consultation, travel planning and proposals, scheduling, accommodation and transportation. These services are mainly provided by domestic travel agencies and international travel agencies based in China. This industry does not include tour guide services provided by operators at tour destinations, or agencies selling only air or rail tickets.
What's included in this industry?
International travel agency servicesDomestic travel agency servicesTourist guide service and other servicesCompanies
CITS Group CorporationHNA Tourism GroupChina CYTS Tours Holding Co., Ltd.Purchase this report to view all 10 major companies in this industry.
Related Terms
DOMESTIC TOURISTSINBOUND TOURISTSOUTBOUND TOURISTSPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Tourism heavily relies on the economy and the population's disposable income level. As China's economy has rapidly developed, the tourism sector in China has experienced stro...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Domestic travel services account for the largest segment in the industry, at an estimated 90.8% of revenue in 2023. Domestic travel agencies must have registered capital of n...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Industry activity is concentrated in Beijing, Guangdong and Shanghai in terms of sales revenue. These locations jointly account for an estimated 42.4% of total revenue in 202...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Operators largely compete against each other based on the price of their services. Many services are available in the domestic market and competition is intense. In recent ye...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Industry participants have wide business scope relative to travel. Thus, these larger firms can keep steady competition advantage over other companies.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of CITS Group Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of HNA Tourism Group's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of China CYTS Tours Holding Co., Ltd.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 7 additional companies
Detailed analysis
- Description and key data for CITS Group Corporation, and factors influencing its performance in the industry
- Description and key data for HNA Tourism Group, and factors influencing its performance in the industry
- Description and key data for China CYTS Tours Holding Co., Ltd., and factors influencing its performance in the industry
- Description, key data and performance trends for 7 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
General consumer trends influence industry revenue. Consumers can either have a travel agency organize a holiday or make arrangements themselves.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The cost structures of companies in the industry vary depending on the company's size, value of services offered and price levels. Large-scale travel agencies tend to spend m...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in China include:
- National Bureau of Statistics China
- General Administration of Customs
- People’s Bank of China
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Travel Agencies industry in China in 2024?
The market size of the Travel Agencies industry in China is $121.8bn in 2024.
How many businesses are there in the Travel Agencies in China industry in 2024?
There are 44,755 businesses in the Travel Agencies industry in China, which has declined at a CAGR of 0.3 % between 2019 and 2024.
Has the Travel Agencies industry in China grown or declined over the past 5 years?
The market size of the Travel Agencies industry in China has been growing at a CAGR of 1.0 % between 2019 and 2024.
What is the forecast growth of the Travel Agencies industry in China over the next 5 years?
Over the next five years, the Travel Agencies industry in China is expected to grow.
What are the biggest companies in the Travel Agencies market in China?
The biggest companies operating in the Travel Agencies market in China are CITS Group Corporation, HNA Tourism Group and China CYTS Tours Holding Co., Ltd.
What does the Travel Agencies in China include?
International travel agency services and Domestic travel agency services are part of the Travel Agencies industry.
Which companies have the highest market share in the Travel Agencies in China?
The company holding the most market share in China is CITS Group Corporation.
How competitive is the Travel Agencies industry in China?
The level of competition is high and increasing in the Travel Agencies industry in China.
