Chinese tourists are spending more than any other nationality, new figures from the UN World Tourism Organisation show. The Chinese spent $102 billion while abroad during 2012 – a forty percent increase form the nation’s spending a year earlier.
Growing economic opportunities and higher incomes are leading to an uptick in the number of Chinese families holidaying abroad. With the large country’s middle class growing at a rapid pace, the Chinese are now the world’s biggest spending tourists.
Germany and the United States took second and third place respectively on the UN’s tourism spending survey, which looked at the total amount spent by travellers while abroad. With a strong currency, China’s tourists spent forty percent more in the past twelve months than they did just one year earlier.
Travel industry analysts believe that the increase in Chinese spending abroad is due to looser visa regulations for Chinese travellers. Mainland Chinese citizens once had to apply for advanced visas to visit almost all countries outside of East Asia.
Today, simple visa regulations make it easy for China’s growing middle class to visit the United States, Europe, and the South Pacific. Other emerging economies, such as the Russian Federation, have experienced a similar surge in travel spending.
Spending by Russian holidayers increased by 32 percent in 2012 to $43 billion. The large country, which was previously outside the top ten travel spenders, is now the world’s fifth highest spending nation when it comes to international tourism.
Like China, Russia has benefited from a growing economy and an increase in wealth amongst middle class families. Shopping, which is a popular travel pastime in both countries, is believed to be one of the primary drivers of foreign travel spending.
With two emerging economies in the top five travel spenders for 2012, the industry may be in line for some serious long-term changes. With spending amongst English-speaking tourists decreasing, the future of travel could belong to the Chinese.
