China’s international luxury tourism was anticipated to have experienced a decline in revenue of approximately 67 percent by the end of 2020, according to a Statista study published on the topic in March of 2021. This Chinese tourism segment, however, has been expected to bounce almost entirely back in 2023 and 2024, where it is forecasted to climb to 41 billion U.S. dollars. On the other hand, domestic luxury tourism in the Asian country was less impacted by the COVID-19 pandemic. Namely, this segment of China's tourism was projected to have generated one billion U.S. dollars less in 2020 compared to 2019, but quickly thereafter begin bringing in growing revenues each consecutive year until at least 2024, when approximately 137 billion U.S. dollars in revenue could be generated.
Luxury tourism revenue in China from 2019 to 2024, by market
(in billion U.S. dollars)
Characteristic
Domestic
International
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A country's luxury tourism revenue is defined as income generated by domestic and inbound international high-net-worth individuals (HNWIs) through the acquisition of consumer goods, services, and valuables for and during trips. HNWIs have net assets over one million U.S. dollars.
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Statista. (March 5, 2021). Luxury tourism revenue in China from 2019 to 2024, by market (in billion U.S. dollars) [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/1071577/china-luxury-tourism-revenue-origin/
Statista. "Luxury tourism revenue in China from 2019 to 2024, by market (in billion U.S. dollars)." Chart. March 5, 2021. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/1071577/china-luxury-tourism-revenue-origin/
Statista. (2021). Luxury tourism revenue in China from 2019 to 2024, by market (in billion U.S. dollars). Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/1071577/china-luxury-tourism-revenue-origin/
Statista. "Luxury Tourism Revenue in China from 2019 to 2024, by Market (in Billion U.S. Dollars)." Statista, Statista Inc., 5 Mar 2021, https://www.statista.com/statistics/1071577/china-luxury-tourism-revenue-origin/
Statista, Luxury tourism revenue in China from 2019 to 2024, by market (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1071577/china-luxury-tourism-revenue-origin/ (last visited September 01, 2024)
Luxury tourism revenue in China from 2019 to 2024, by market (in billion U.S. dollars) [Graph], Statista, March 5, 2021. [Online]. Available: https://www.statista.com/statistics/1071577/china-luxury-tourism-revenue-origin/