Online Travel Market In China - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Online Travel Market In China - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The growing interest of excursionists for the further trip has been the major motorist that has been driving the online trip request in China during the review period. Inbound tourism has been offering a major share of the request owing to the growing number of youths and middle-aged people in the country who are largely interested in trip and sightseer conditioning. The advanced share of inbound tourism is the primary factor that helped the request to expand further in 2020 when the whole world was struck with the COVID- 19 epidemic which redounded the check of transnational borders for a longer time. Demand for long passages which include at least 5 days of holidaying in the destination is gaining further fashionability in the nation and at the same time, short passages which last for 2- 3 days are inversely popular in the country. The growing internet application in the country is helping the request studied to expand fleetly in China. The drivers are fastening on attracting further guests by adding expenditure on marketing conditioning which includes running social juggernauts. With the query clouded due to the epidemic, the demand for inbound tourism is anticipated to help the request to expand further during the original times of the cast period.Key Market TrendsIncreasing Internet Penetration in China is Helping in Market Expansion According to the statistics, the number of internet users in China rose to 989 million as of December 2020, which was up by 85.4 million from March 2020. The ongoing COVID-19 pandemic has motivated customers to go online for the majority of purposes. In wake of the pandemic and owing to the closure of physical stores for a limited time have driven customers to book their travel online thus helping the market study to grow further in the country. Though the market recorded the highest figures during December 2018 with 49.5% of customers utilizing the services, the market recorded fluctuations in the total transactions owing to the uncertainty clouded due to the US-China trade war and the internal situations. However, as of the end of 2020, the penetration rate of online travel booking figured at 34.6% with 342.44 million internet users have used the services.Tourism Sector Growth is Driving the Market China's macro-economy is running smoothly, and the per capita disposable income is growing steadily. With the changes in people's consumption concepts and consumption structure, the demand for tourism has also increased dramatically. In 2020, amid the impact of the COVID-19 pandemic, China saw approximately 2.88 billion domestic tourist trips which is a 52.1% year-on-year slump, according to the statistics released by the Ministry of Culture and Tourism. The status of the economic pillar industry has continued to strengthen. With the rapid growth of tourism industry revenue and the continuous increase of online travel penetration, China's online travel industry market has also proliferated. The number of tourists traveling to and from major tourist destinations like Guangdong, Henan, Jiangsu, Shanghai, Chongqing, and Beijing exceeded or almost reached the levels seen during the 2019 Spring Festival.Competitive Landscape The China online travel market is expected to be consolidated with Ctrip, Qunar, and Fliggy being significant companies. The domestic competition is expected to increase further and also the growing international interest is anticipated to make the market more competitive.Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Please note: The report will take approximately 2 business days to prepare and deliver.