奥纬咨询+关于中国游客回归，你应该知道的4件事

A business of Marsh McLennan4 things you should know about the RETURN of Chinese TravelersOliver Wyman’s perspectiveJuly 2023A business of Marsh McLennan2© Oliver WymanWHEN CAN WE EXPECT THE RETURN OF THE US$245 BN SPENT ON 155MN OUTBOUND TRIPS BY CHINESE TRAVELERS?Number of trips by Chinese travelers, 2017 – 2019MNSource: National Bureau of Statistics of China, World Travel and Tourism Council, Oliver Wyman analysis5,00113120175,53915020186,0061552019+15%+4%OutboundDomesticUSD 245 BNChinese outbound tourism expenditure in 20193© Oliver WymanCOVID-19 related border control policyINTERNATIONAL TRAVEL OF CHINESE TRAVELERS GRADUALLY RECOVERS, LED BY MACAU AT ~70% AFTER 6 MONTHS OF REOPENINGTravel recovery rate by destination%, 2023 YTD Chinese traveler count vs. 2019 YTD level (Jan – Jun)02550751002020Full year2021Full year2022 Jan2022 July2023 Jan2023 Jun2019levelvs. 2019 same period1. May 2023 dataSource: Government statistics, Oliver Wyman analysisMacau, China (69%)Thailand (59%)Hong Kong, China (48%)Australia (43%)Singapore (37%)Korea (26%)Japan (18%) 1Taiwan, China (4%)4© Oliver WymanOLIVER WYMAN SURVEYED AFFLUENT CHINESE TRAVELERS IN JUNE 2023 TO UNDERSTAND THEIR PLANS FOR 2023 AND BEYONDOnline survey conducted in Mainland China during June 17-25, 20233,495 survey respondents of which, 1,000 respondents have:• Travelled internationally or planning to travel internationally in 2023 for leisure• 18-year-old or above, covering Gen Z to Baby Boomers• Minimal monthly household income of RMB 30,000• 65% spent at least RMB 10,000 in 2022 on personal luxury products (leather goods, fashion, jewelries and watches, beauty)Oliver Wyman’s Chinese traveler survey 2023 edition4 THINGS YOU SHOULDKNOW ABOUT THE COMEBACKOF CHINESE TRAVELERSOliver Wyman’s perspectiveJuly 20235© Oliver Wyman4 THINGS YOU SHOULD KNOW ABOUT THE RETURN OF THE CHINESE TRAVELERSNew int’l travelers aim at South Korea, Hong Kong SAR, and SingaporeFull recovery is unlikely to take place until 2024 H2 at best 2023 is all about revisits, with experienced travelers back to Hong Kong SAR and Western EuropeInternational luxury shopping is back, but not for Gen ZGen Z new workforce are fueling foodie trips as they travel for the experience and care less about shoppingEspecially new luxury shoppers prefer domestic shopping over international shoppingChinese Travelers will be fully back 2024H2 at best2023 is about revisiting familiar destinations1st time int’l travelers seek something differentLuxury shoppers are back, but not spending as muchWell-off New Tier 1 city retirees emerge in shopping tourism with a generous budget ready to spend on shoppingTravel is expected to reach 60% of pre-COVID level in 2023CHINESE TRAVELERS WILL BE FULLY BACK 2024H2 AT BEST7© Oliver WymanONLY AROUND 60% OF EXPERIENCED AFFLUENT TRAVELERS PLAN TO RESUME INT’L TRAVELLING IN 2023, WHILE 30% WILL WAIT FOR AT LEAST ANOTHER 2 YEARSExpected international travel timeline % of respondents162%10%9%4%23%29%6%57%Pre-COVIDi