Travel Agencies in China - Industry Market Research Report

As China's economy has rapidly developed over the past five years, the tourism sector in China has also experienced strong growth. As more people have been travelling, demand for travel services has increased. Revenue for the Travel Agencies industry in China is expected to increase at an annualized 0.5% over the five years through 2023, to $112.8 billion. Industry revenue has increased due to rising demand over the four years through 2019. However, revenue is anticipated to have fallen by 9.0% in 2020 due to the COVID-19 outbreak. In 2023, industry revenue is expected to grow 4.1% to $112.8billion. The publisher forecasts that revenue will increase by an annualized 3.5% over the five years through 2028, as the government helps the industry recover and emphasizes the strategic importance of tourism. Additionally, demand - initially restricted due to the COVID-19 pandemic - is also forecast to increase over the period. Industry revenue is projected to reach $134.0 billion in 2028. Firms in the Travel Agencies industry mainly provide travel services for businesses, groups and individuals. These services include consultation, travel planning and proposals, scheduling, accommodation and transportation. These services are mainly provided by domestic travel agencies and international travel agencies based in China. This industry does not include tour guide services provided by operators at tour destinations, or agencies selling only air or rail tickets. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.