Chinese New Year celebrations are now underway, but at least 6 million mainlanders are choosing to celebrate it in their own special way, outside of China, with numerous foreign countries set to benefit greatly from the long holiday.
Outbound travel by Chinese tourists is only growing in spite of the apparently flagging economy with last year seeing 120 million overseas trips from China. This CNY’s 6 million travellers leaving the mainland marks a 15% increase from the 5.2 million in last year’s period, reports China News.
“China travelers into (gateway cities like) Hong Kong and Singapore continue to be quite healthy despite all the news you hear about the China economy being weaker than folks want it to be,” summarized Expedia chief executive Dara Khosrowshahi.
It means that China’s favorite overseas destinations are blessed with considerable Chinese spending, which is naturally increasing with outbound travel. In 2014, overseas consumption was upwards of $160 billion, a 28% increase from 2013.
Here’s Ctrip‘s top 10 lucky destinations for Spring Festival 2016:
3. South Korea
6. Hong Kong
Bomoda chief executive Brian Buchwald explains the popularity of other Asian cities over the likes of Europe on the grounds of recent safety scares, namely the Paris attacks, which are pushing Chinese tourists a bit closer to home.
Meanwhile, the state of the yuan can only benefit overseas retail, especially in the luxury goods arena. As Buchwald puts it, Chinese tourists have the opportunity to “exchange their depreciating local currency into diamonds and gold that should retain value over time.”