China's travel sector expected to lose $168 bln in 2020 due to coronavirus

Source:Globaltimes.cn Published: 2020/2/21 2:25:07

 

Tourists visit the Xinjiang International Grand Bazaar in Urumqi, Northwest China's Xinjiang Uygur Autonomous Region, May 22, 2019. Photo:Xinhua


China's domestic tourism industry is expected to lose 1.18 trillion yuan ($168 billion) this year due to the coronavirus outbreak. The impact could also be much worse for revenue during the first quarter of this year, according to an industry report released Thursday.

For Q1 2020, domestic tourism revenue is expected to plummet 69 percent year-on-year, as Chinese consumers have been quarantined to their homes due to the respiratory virus amid efforts to combat it, said the report released by the China Tourism Academy (CTA). The total number of trips could fall by 56 percent year-on-year, the report also said.

For the year, total revenue could decline 20.6 percent year-on-year, while the number of trips is expected to drop by 15.5 percent, or 932 million, the report showed.

CTA data arrives amid speculation of the epidemic's impact on the tourism industry and other sectors hit hard by the outbreak. Online speculation has claimed the tourism sector could see a total loss of 3 trillion yuan.

CTA President Dai Bin said the fundamentals for the tourism industry has not changed and that losses in the first few months this year could be offset by a sharp increase in travel after the epidemic.

"Consumption in domestic tourism is faced with the possibility bottoming out and rebounding," Dai said Thursday, the 21st Century Business Herald reported. 

A recent CTA survey on domestic travelers found that 20.7 percent would travel once the epidemic ends, and 71.5 percent said they would wait for some time before going on a trip.

Global Times 



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