By 2019, Chinese tourists are expected to spend as much as US$264 billion per year, giving the global economy a potential boost.

This means that the prospect of a relaxing, convenient, and affordable vacation package could be snatched up by Chinese tourists if one does not act fast enough.

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Currently, the Chinese are considered as some of the biggest spenders in the world. Analyses also yield that the number of outbound Chinese tourists could soar as the millennial generation gets ready to spread its wings.

According to Bank of America's Merrill Lynch, 174 million Chinese tourists are tipped to spend US$264 billion by 2019, compared with the 109 million who spent US$164 billion in 2014.

In the year 2000, China only had 10 million outbound tourists.

In perspective, US$264 billion roughly equates to Finland's economy, and is even bigger than Greece's.

The analysts said that the proliferation of Chinese tourists is much like when the Japanese began travelling 30 years ago "when the world went into frenzy then, pandering to Japanese customers' needs."

They wrote on, expressing their view that this phenomenon will last longer given China's immense population compared to Japan's own.

Millennials, 25 to 34 year olds, make up 35 percent of the tourists while 15 to 24 year olds make up 27 percent of them. While only 5 percent of the 1.3 billion population hold passports though, the potential for outbound tourism is vast.

The boom in China's tourism could be good for the global economy as they are the biggest consumers of luxury goods. Half of their spending is done overseas as well.

Since 2009, the number of Chinese visitors coming into the United States has risen by as much as 10 percent. This is the fastest pace for a destination outside of Asia, with locations like Australia, France, and Italy gaining popularity.

Asian markets also stand to benefit, with Japan, South Korea, and Southeast Asia expected to reap the rewards according to the research led by Billy Ng in Hong Kong.

TagsChinese Tourists, global economy, Travel