|Hao Ren |||Apr 09, 2014 11:57 PM EDT|
With a rapidly growing economy that defies forecasts of bubble burst and with citizens amassing enough wealth through hard work, China is set to become the world's top tourism market in the next few years.
Analysts believe that Chinese families who could afford to travel the world will double in the next decade.
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For this year alone, China is set to overtake America as the largest market for overseas travelers and is set to grow, according to Spain-based Amadeus IT Group SA.
Come year 2023, 20 percent of world travelers will be from China.
Jiang Yiyi, a director of the China Tourism Academy, said the passion of Chinese travelers to see the world is growing with outbound travel reaching 98 million individuals in 2013, up by 18 percent from 2012. Modest projections indicate that some 114 million individuals will travel abroad by the end of 2014.
The Amadeus' report says Asia's Northeast region will be an important area for the business-travel market as Western markets are still affected by the slowdown of the world economy in 2008.
Based on the end-March report by the Global Business Travel Association, Chinese spending is expected to grow into 2015 by 17.9 percent, or a total of US$ 309 Billion (1.91 Trillion yuan) with domestic travel as the primary driving force.
Despite the government's restrictions on public spending affecting business travel overseas, domestic-business travel is still growing and expanding.
The biggest benefactor to this surge in travel are domestic airlines servicing Chinese cities.
Air China's first class and business-class seats went up by seven percent in 2013 while China Southern Airlines' sale of premium seats were up by 14.5 percent.
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