One of the most ‘compelling’ growth stories on the planetby JONATHAN GARBER
China’s middle class is booming. And with that explosion of wealth comes the opportunity for the Chinese to try and experience new things, including traveling abroad.
While only about 6% of Chinese citizens have passports, their overseas spending is the highest in the world, amounting to about
$200 billion over the last three years, or about the size of Greece’s economy. Their spending has gotten so crazy that Japan even created a new word, bakugai, to explain their “explosive buying.”
While Japan has no doubt been a big beneficiary of Chinese tourism, it doesn’t even come close to being the biggest in the region. According to a note from BNP Paribas analysts Richard Iley and Mole Hau sent out to clients on Thursday, Chinese tourism is “spilling out around the region” and is “one of the most compelling structural growth stories on the planet.”
BNP noted that the biggest beneficiary of China’s tourist boom, excluding Hong Kong, is
Thailand, which saw nearly 8 million Chinese tourists in 2015 alone. And their spending has been a boon to the Thai economy, accounting for nearly
3.5% of GDP. This has been especially helpful since Russian tourism in the country slid sharply in the wake of the ruble’s sharp devaluation.
Source: Business Insider
http://www.businessinsider.my/chinese-t ... mu8jT5D.99
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