China UnionPay have revealed that South Korea and the United States are the fastest-growing markets for Chinese travellers. Data released by the firm shows a significant shift in both choice of destination, moving away from the more traditional list of South East Asian countries in favour of more developed countries, and spending habits, as the purchasing power of Chinese consumers grows.
The data was released by UnionPay International, a subsidiary of China UnionPay that handles all of the company’s overseas business. It showed that Chinese tourists were travelling much further afield, with North Asia, North America and the Middle East all claiming numerous spots on the list of 40 destinations UnionPay International released.
UnionPay Internationals report also revealed that Chinese travellers are willing to spend considerably more on fine dining and hotels than they had done in the past, and that of the destinations listed, South Korea and the US were the most popular.
In addition to the apparent change in destination, recent surges in the purchasing power of Chinese consumers has led to an exponential increase in spending, with the compound annual growth rate of transactions made by Chinese travellers growing by at least 100% over the past 12 months.
Cai Jianbo, CEO of UnionPay International, said "We observed that the consumption habits of our members are becoming increasingly diverse, and cardholders are showing greater interest in experiencing and exploring local cultures,"