China Forgets Travel, Limits Growth in Southeast Asia – New Moves in Japan – Bloomberg

China Forgets Travel, Limits Growth in Southeast Asia – New Moves in Japan – Bloomberg

Countries in Southeast Asia that rely on China for tourism revenue and economic engines are far from seeing the influx of Chinese tourists they had hoped for in the wake of the coronavirus pandemic.

China’s economic recoveryIt lagged expectations, with citizens hesitant to travel and spend abroad. As a result, the latest official data compiled by Bloomberg shows that the proportion of Chinese tourists visiting five countries in Southeast Asia ranged between 14% and 39% in May compared with 2019.

Southeast Asia lacks Chinese tourists

No country is at 50% of pre-pandemic levels of tourism

Source: Singapore Tourism Board, Thailand Tourism Authority, Indonesian Central Statistics Office, Vietnam General Statistics Office, Philippine Department of Tourism

The tourism figures suggest Southeast Asia is recovering gradually this year amid a dimming global growth outlook due to tightening monetary policy and weaker growth in China.

Thailand, one of the most tourism-dependent countries in the region, has benefited from a post-pandemic recovery in travel demand, but the number of Chinese tourists has fallen by at least 2 million from its official 2023 target of 7 million. Fall short.

Even in Singapore, which has shown confidence in avoiding a recession this year thanks to growth in tourism, the numbers have disappointed. There were 310,901 Chinese tourists from January to May, down from 1.55 million in the same period in 2019, according to the Singapore Tourism Board.

Emerging Asia’s growth to slow in 2023

GDP forecast

Source: IMF April World Economic Outlook

1x 1

Not only in Southeast Asia, but also in Japan, the number of Chinese tourists has decreased compared with before the epidemic. In Japan, however, the number of new shoppers is increasing, displacing the Chinese who once dominated foreign shoppers.

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