Economic crisis: why tourists aren't returning to China and who benefits from it

By Tychyna TetianaDec 1, 2023 21:22 PMNews
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Economic crisis: why tourists aren't returning to China and who benefits from it
Tourists in China. Source: Freepic

Several key factors have led to a sharp decline in foreign tourist arrivals in China. These include problems related to the use of cash or credit cards, as well as the detention of foreigners. At the same time, the high cost of airfare is becoming one of the main difficulties for American tourists.

Currently, there are only 18 flights between the US and China in each direction each week. Recently, both countries agreed to increase this number to 24 in October, but the price remains high, businessinsider reports.

According to media reports, this number is half the number of weekly flights before the pandemic, when 340 flights were operated between the countries per week.

Earlier, economists predicted that China could surpass the United States and become the world's leading economic superpower. However, China has recently been shaken by the following problems:

– Falling stock prices and loss of investors;

– A 5% drop in the yuan due to problems in the economy;

– A period of deflation;

– Youth unemployment of more than 20%;

– Decline in the real estate market.

According to some experts, the Chinese economy is headed for a financial collapse. The tourism industry is adding its own fly in the ointment, as it is still struggling to recover from the pandemic.

According to The Wall Street Journal, this summer, round-trip economy class tickets to China have increased significantly due to the reduction of airspace.

Now, after the closure of Ukraine's airspace, a round-trip ticket from the United States to China costs about $4,500. This factor has led to longer flight times, and longer flights require more fuel.

In the first quarter of 2023 alone, 52,000 people from other countries visited China with the help of a travel agency.

According to media reports, this number is not comparable to the data for 2019, when there were about 3.7 million visitors in the same period.

According to the WSJ, one of the American agencies used to send up to 1,500 tourists to China a year but has not received a single request since the start of the pandemic.

The number of visitors from Europe, America, and Korea is also declining. At the same time, the number of tourists to Europe has almost returned to the pandemic level of 80%.

In addition, fear among tourists plays an important role. Tensions between the US and China are high, and the US government has warned Americans about the risk of traveling there and the possibility of unlawful detention.

According to statistics, the domestic tourism market is also approaching the finish line, with Chinese travelers preferring to stay closer to home. Earlier this year, the lack of foreign tourists was compensated by the growth of domestic tourism, but local tourists are buying less expensive goods.

According to experts, the downturn in the Chinese economy could affect the entire world. Some experts call this situation a "time bomb."

Experts note that a downturn in China's economy could lead to a collapse in international trade, resulting in too much inventory for companies, reduced profits, and job losses for businesses in the United States and other markets.

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