China in Transition
The Chinese Tourist Boom
Only 4% of the Chinese population currently holds a passport, but Goldman Sachs Research expects that number (and the number of Chinese outbound tourists) to grow by nearly 100 million over the next decade. These travelers—primarily college-educated Millennials and members of China’s growing middle class—aren’t just visiting traditional Chinese tourist hotspots; they’re traveling to destinations like Japan, Korea and Europe, too.
As part of its “Rise of the Asian Consumer” series, Goldman Sachs Research maps out this tourism surge and explores what, if anything, will slow the tide.