Asians spend 1.6 times more on shopping than other tourists – The Economic Journal

Asians spend 1.6 times more on shopping than other tourists - The Economic Journal


By 2017, there were 1.3 billion tourists worldwide, a number that contrasts with the 25 million in 1950 and is approaching the forecasts of the World Tourism Organization in just four years: 1.8 billion. The conclusion is from the report "The Experience Revolution – What matters for the future of tourism", Prepared by US consultant Oliver Wyman.

According to this study, half (50%) of online travel surveys are made from mobile phones, generating 25% of travel profits, and 30% of the market value of the 30 main digital companies comes from platforms such as Airbnb, Uber or HomeAway. Yet experts advise market players to take advantage of the challenges and see them as opportunities to redefine their "unique value proposition" and to develop "truly differentiated offerings."

"The growth of global tourism is being accompanied by new trends such as digital experiences, social networks and shared economy. These changes will have a major impact on tourism and industry, as well as the challenges of sustainable development and heritage preservation, which are becoming increasingly complex, "the authors write.

The analysis suggests that by 3030, 30% of international tourists will be of Asian origin (mainly Chinese) because, although historically, these tourists focus on shopping and visiting world-famous cities, they show an increasing interest in alternative experiments.

In view of these forecasts, Oliver Wyman players are beginning to use and implement Chinese technologies, to ensure the best experience for these tourists and to help expand local fintechs in the West. And they give examples of agreements to this effect:

"In 2018, Dubaibased Mashreq Bank partnered with Alipay, renamed the ANT Financial Services Group, to enable 1,000 retailers in the UAE to offer mobile payment services, also making it easier for Chinese to use their devices to make purchases. ). In 2017, the Marriott hotel network partnered with Alibaba in a joint venture".

Tourists who spent the most in 2017 * in billions of dollars

Source: World Tourism Organization



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