A slowing Chinese economy along with a weakening currency and plunge in the stock market seems to be quenching Chinese citizens’ appetites for extravagant adventures abroad.
International-travel services spending totaled about $19 billion in October, according to services trade data released Monday. This reflects a dip from the $25 billion spent in September.
By October, middle and upper-income Chinese citizens were planning an average of 2.1trips abroad in the next year, according to a UBS survey. That number dropped from 2.6 last spring. UBS reports that total outbound- travel growth could reach about 15 percent growth, lower than the average 18 percent growth seen in the past few years.
October seemed to be the first month reflecting the after-effects of currency devaluation and stock market plunges that initiated in August. Because most vacations are booked in advance, the economic effect came after a delay.
This is not to say most Chinese citizens will cease exploring the world. Outbound travel growth is still relatively high. But it may soon not be as extravagant as it used to be..