[photopress:hotels_tourists_in_action_0.jpg,full,alignright]According to a report issued by the Pacific Asia Travel Association (PATA) the annual inbound tourist arrival in China will surpass 163 million in the next three years.
PATA said in the report that China’s tourism industry recorded a staggering growth in the past two decades, and the industry is now worth more than $100 billion a year and creates 90 million jobs nationwide.
Peter de Jong, PATA chief executive officer said , ‘While the overall statistics are undoubtedly impressive, maximising tourism potential is not just about swelling numbers, but it is also about sustainability and even guaranteeing repeat traffic.’
Last year, 132 million overseas tourists visited the country.
What PATA did not say and what Peter de Jong apparently ignored is one simple fact. Whether those growth figures are met depends on the price of oil. Yes, it is daft that the tourism industry should be controlled by such a simple figure but it is true.
As the price of oil increases so will airfares. At the same time there will be a reduction in the number of flights and a lot of el cheapo airlines will go to the wall. The result will be that for a lot of tourists closer destinations will be more attractive. If the price of oil reaches $200 a barrel then these figures will have to revised downwards.
For the tourist industry this, at the moment, is the key figure to watch. It affects every single forward forecast.
Source: China Daily
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