The Asia global travel boom is led by China’s rising millennial class, who spent 53% more in 2017 than the year before despite an economic slowdown (World travel & Tourism Council), as well as rise of SouthEast Asia’s growing affluence.

In 2014, Chinese outbound travellers surpassed the U.S. to become the world’s largest in both tourist numbers and spending.

Yet, less than 4% of its population had a passport, suggesting huge potential for China’s global tourism growth.

Outbound tourists in China (inclusive of HK/Macau) is expected to rise to 220 million in 2025 from 120 million in 2015.

The incremental size is more than the total number of the U.S. outbound tourists at 68 million in 2015 (Goldman Sachs Investment Research).

Southeast Asia: the World’s Fastest Growing Region

The first stop for many of China’s 120 million travellers, other than Hong Kong or Macau, is to Southeast Asia. This has helped fuel Southeast Asia’s tourism contribution to its GDP faster than any other region in 2015 with a 7.9% year on year increase. (World Travel & Tourism Council’s 2016 Economic Impact Report).

While more destination and tourism products are being developed, the deregulation of aviation also resulted in over 700 aircraft being operated by 20 Low cost Carriers (LCCs), adding to full-serive arlines in the region.

Combining all of the above and more: (1) higher disposable incomes (2) more tourism offerings (3) better, affordable connectivity, Southeast Asia is undoubtedly the fastest growing region for outbound travel, especially intra-regionally, at 8% increase year on year (UNWTO World Tourism Barometer).

According to UNWTO research, the Asia Pacific accounted for almost 40% of all travel and tourism spending globally in 2016, while Phocus Forward puts the figure as 38% of the global total.

With US$261 billion spent, China share of the world’s total was 21%, and other parts of Southeast Asia combined to contribute another 8%. Together, these regions represent 29% of the world and is the potential market for WEGOGO!

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