MIRAGE OF CHINA’S REVENGE TRAVELLERS
It may appear, wishfully, that China is finally unleashing its revenge travellers in full force. But China’s economic troubles are too big to ignore.The slow return of outbound travel was largely attributed to China’s disappointing economic restart coming out of the pandemic. As of September 2023, Chinese outbound tourism expenditure was still down 18 per cent from pre-pandemic levels, according to the United Nations World Tourism Organization.
Economic forecasts for 2024 have only gotten worse, with various experts projecting China’s GDP growth to slow from 5.2 per cent in 2023 to between 4 and 4.6 per cent in 2024.
The country cannot conceivably get out of its litany of economic troubles any time soon: A serious deflation spiral, record drops in salaries, a property market crisis, high youth unemployment rates - and the list goes on.