China’s travel intermediaries industry registered a compound annual growth rate (CAGR) of 17.1% during 2007-11 to reach a market size of CNY502.7bn ($79.8bn) in 2011, according to a BRICdata report.
During 2012-16, the industry is projected to grow from CNY533.6bn ($84.75bn) in 2012 to CNY633.3bn ($100.58bn) in 2016 with a CAGR of 4.4%.
According to the report, the growth of Chinese travel and tourism has so far been supported by the emergence of a newly-rich middle class and an easing of restrictions on movement by Chinese authorities.
China, which was the third most visited country in the world in 2011, has adopted new travel agency regulations and lifted restrictions on foreign-owned travel agencies.
The report attributes the rise in tourist volume and subsequent growth in the industry to factors such as robust global economic growth, initiatives by the government to promote tourism and the increasing volume of business activities.
The full report ‘Emerging Opportunities and Growth Prospects in the Chinese Travel Intermediaries Industry: Analyses and Forecasts to 2016’ is available from BRICdata. Click here for more details.