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The Golden Age for China's Online Travel Firms
China's online tourism sector is witnessing a boom, and firms in the business are growing rapidly, on the back of Chinese wanderlust.
To exploit the emerging opportunities, online travel agencies or OTAs are offering new, customized products and services.
They are encouraged by the fact that in 2018, the market scale of OTAs reached 1.08 trillion yuan (159.4 billion U.S. dollars), adding 30 percent year-on-year, hitting a record high, according to a report released by market consultancy ASKCI Consulting Co.
Last year, Chinese travelers spent 762 U.S. dollars per person abroad, exceeding 276 U.S. dollars spent by non-Chinese travelers. By 2023, Chinese travelers are expected to spend nearly 1,334 U.S. dollars per person a year on overseas trips, according to a report released by the Chinese Academy of Social Sciences this month.