China's Labor Day Holiday Will Boost Global Economic Growth
China's Labor Day Holiday Will Boost Global Economic Growth
Some sources say that this year's Labour Day holiday, which is one of China's longest, will be good for the world economy because Chinese tourists will travel to other countries.
After three years of hard work to fight the COVID pandemic in the country, which limited travel, many Chinese people have plans to visit many places for the first time this year. This year's event ran from April 29 to May 3. It is also the longest event to be held in the country since tour groups from the country were allowed to travel again in February.
The United Nations Tourism Commission says that between 2015 and 2019, Chinese tourists spent nearly 260 billion US dollars a year on trips outside of China. This means that Chinese tourists are leading the way in growing the global tourism market.
According to data from the well-known Chinese travel agency Ctrip, the number of people looking for foreign travel services and plane tickets has gone up nine times since the same time last year. times 18.
A study from the statistics company Euromonitor International also shows that the rise in travelers this time is happening at the same time that retail sales in China are going up.
The survey says that the average estimate is that Chinese tourists will spend twice as much in 2020 as they did in 2019. In six of the ten most important markets, most of the money that duty-free shops make is expected to come from Chinese tourists. It will be worth about 117 billion US dollars.
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