Jayant Menon | East Asia Forum eastasiaforum.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eastasiaforum.org Daily Mail and Mail on Sunday newspapers.
And then you look at the per capita gdp, very low compared to other areas. it s actually going to be something that we have to look at as a long term growth opportunity for us. but it s not necessarily growing in terms of the absolute numbers as much as other areas. glenn, let s talk about that all important market that is china. how has the return of the chinese traveller. has that made an impact yet? well, a couple of things on that. as i said many times, it s hard for the non chinese travel companies to really do well in china domestically, almost impossible. so really for people like us, we really concentrated more on the outbound part of the travel industry is chinese travellers who want to travel to other parts of the world. and that has been slower than i think some people expected. we weren t expecting to come back so fast, but some people were. we were not because it takes time to get the amount of what s necessary. it s called lift. how many aeroplanes do you have that are going to be able to do that? outbound travel?
Report reveals increased spending among outbound travelers. shanghaiist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from shanghaiist.com Daily Mail and Mail on Sunday newspapers.
Time to get the amount of what s necessary. it s called lift. how many aeroplanes do you have that are going to be able to do that? outbound travel? and injanuary, for example, the amount of lift in china going outbound was only about mid teens percentage versus 2019. that s a really small amount. now it s been coming back because they ve been able to bring pilots back in, bring back people who are working in the air business. but it s still relatively low compared to what it was in 2019. let s talk about your recent record breaking numbers. i mean, bumper profits, glenn, what s behind those numbers? because when i saw them, my first thought was surely the pandemic bounce back has petered out by now, but it hasn t. and that s the thing. don t forget, i mean, we re talking almost three years of very hard to travel and people in many parts of the world were supported by governments that enable people to establish large amounts of savings that now they want to spend on travel. so we think this is going to go on for some time.
And it has fallen away considerably. but china itself does actually still stipulate some - rules on outbound travel. independent travellers - from china can travel anywhere they like, but group. travellers, tour group travellers, they are more restricted. i currently there are 60 - countries around the world that are permitted to receive - chinese group tour travellers, and currently the uk is not one of those. i where are chinese travellers looking to go right now? are they still staying at home more than we did before the pandemic, or are they starting to look overseas again? the first thing that recovered in the first three months - since china reopened for travel and tourism, domestically - and internationally, l is domestic tourism. it has really rebounded quite quickly. - we are starting to see a lot of search activityj on the chinese outbound tourism booking sites, and interest- at the moment seems to be mostly in asia pacific, - southeast asia is quite strong, japan, korea, i
To be able to travel again. i think the travel industry expects - the travel industry expects first-half the travel industry expects first half of the travel industry expects first half of this the travel industry expects first half of this year- the travel industry expects first half of this year you i the travel industry expects i first half of this year you will start first half of this year you will start to first half of this year you will start to see first half of this year you will start to see a first half of this year you will start to see a real first half of this year you will start to see a real uplift i first half of this year you will start to see a real uplift in i start to see a real uplift in chinese start to see a real uplift in chinese travellers - start to see a real uplift in i chinese travellers travelling outbound chinese travellers travelling outbound around chinese travellers travelling outbound around the - chinese travellers travelling outbound around the world i chinese travellers travelling i outbound around the world once again outbound around the world once aaain. . outbound around the world once aaain. , ., , ., ., again. remind us of the state of -la . again. remind us of the state of play- what again. remind us of the state of play- what kind again. remind us of the state of play. what kind of again. remind us of the state of play. what kind of restrictions . play. what kind of restrictions remain on chinese travellers going abroad in terms of testing etc? yes. abroad in terms of testing etc? yes, aood abroad in terms of testing etc? yes, good question- abroad in terms of testing etc? yes, good question. when abroad in terms of testing etc? yes, good question. when china reopened its borders. good question. when china reopened its borders. if good question. when china reopened its borders, if you good question. when china reopened its borders, if you remember, - good question. when china reopened its borders, if you remember, back. its borders, if you remember, back injanuary. its borders, if you remember, back injanuary. it its borders, if you remember, back injanuary. it was its borders, if you remember, back in january, it was the its borders, if you remember, back in january, it was the only- its borders, if you remember, back in january, it was the only countryl in january, it was the only country in january, it was the only country in the in january, it was the only country in the world in january, it was the only country in the world at in january, it was the only country in the world at the in january, it was the only country in the world at the time in january, it was the only country in the world at the time to - in january, it was the only country in the world at the time to reopen in the world at the time to reopen in the in the world at the time to reopen in the midst in the world at the time to reopen in the midst of in the world at the time to reopen in the midst of a in the world at the time to reopen in the midst of a huge in the world at the time to reopen in the midst of a huge infection i in the midst of a huge infection wave in the midst of a huge infection wave of in the midst of a huge infection wave of covid 19, in the midst of a huge infection wave of covid 19, the - in the midst of a huge infection wave of covid 19, the biggest. in the midst of a huge infection i wave of covid 19, the biggest wave china wave of covid 19, the biggest wave china had wave of covid 19, the biggest wave china had seen wave of covid 19, the biggest wave china had seen. several wave of covid 19, the biggest wave china had seen. several countries i china had seen. several countries around china had seen. several countries around the china had seen. several countries around the world china had seen. several countries around the world actually- china had seen. several countries i around the world actually instituted straightaway around the world actually instituted straightaway testing around the world actually instituted straightaway testing precautions i around the world actually instituted | straightaway testing precautions for chinese straightaway testing precautions for chinese travelling straightaway testing precautions for chinese travelling into straightaway testing precautions for chinese travelling into their- chinese travelling into their countries chinese travelling into their countries. the chinese travelling into their countries. the uk- chinese travelling into their countries. the uk was i chinese travelling into their countries. the uk was one i chinese travelling into their. countries. the uk was one of chinese travelling into their- countries. the uk was one of those, japan. countries. the uk was one of those, japan. korea. countries. the uk was one of those, japan, korea, australia, countries. the uk was one of those, japan, korea, australia, the - countries. the uk was one of those, japan, korea, australia, the us- countries. the uk was one of those, japan, korea, australia, the us as l japan, korea, australia, the us as well japan, korea, australia, the us as well most japan, korea, australia, the us as well most of japan, korea, australia, the us as well. most of those japan, korea, australia, the us as well. most of those have - japan, korea, australia, the us as well. most of those have been i japan, korea, australia, the us as i well. most of those have been lifted over time well. most of those have been lifted over time because well. most of those have been lifted over time because the well. most of those have been lifted over time because the infection- over time because the infection curves over time because the infection curves in over time because the infection curves in china over time because the infection curves in china have over time because the infection| curves in china have dissipated, over time because the infection- curves in china have dissipated, and it has curves in china have dissipated, and it has fallen curves in china have dissipated, and it has fallen away curves in china have dissipated, and it has fallen away considerably. i curves in china have dissipated, and it has fallen away considerably. buti it has fallen away considerably. but china it has fallen away considerably. but china itself it has fallen away considerably. but china itself does it has fallen away considerably. but china itself does actually it has fallen away considerably. but china itself does actually still- china itself does actually still stipulate china itself does actually still stipulate some china itself does actually still stipulate some rules- china itself does actually still stipulate some rules and i china itself does actually still- stipulate some rules and outbound traveh stipulate some rules and outbound travel. independent stipulate some rules and outbound travel. independent travellers - stipulate some rules and outbound| travel. independent travellers from
Familiar, close to they want to go with what is familiar, close to home, - they want to go with what is familiar, close to home, not travettinq familiar, close to home, not travelling too familiar, close to home, not travelling too far, familiar, close to home, not travelling too far, and - familiar, close to home, not travelling too far, and also i travelling too far, and also remember travelling too far, and also remember at travelling too far, and also rememberat the - travelling too far, and also remember at the moment| travelling too far, and also - remember at the moment flight travelling too far, and also remember at the moment flight prices around remember at the moment flight prices around the remember at the moment flight prices around the world remember at the moment flight prices around the world are remember at the moment flight prices around the world are still remember at the moment flight prices around the world are still quite - around the world are still quite high around the world are still quite high and around the world are still quite high and that around the world are still quite high and that is around the world are still quite high and that is a around the world are still quite high and that is a disincentive. around the world are still quite . high and that is a disincentive for tonq-haut high and that is a disincentive for long haul travel. high and that is a disincentive for long haul travel. as high and that is a disincentive for long haul travel. as the - high and that is a disincentive for long haul travel. as the year- long haul travel. as the year proqresses long haul travel. as the year proqresses i long haul travel. as the year progresses i think long haul travel. as the year progresses i think we - long haul travel. as the year progresses i think we will- long haul travel. as the year| progresses i think we will see patterns progresses i think we will see patterns are progresses i think we will see patterns are starting - progresses i think we will see patterns are starting to - progresses i think we will see i patterns are starting to change a little patterns are starting to change a little we patterns are starting to change a little we witi patterns are starting to change a little. we will see patterns are starting to change a little. we will see more - patterns are starting to change a i little. we will see more long haul travel little. we will see more long haul travel from little. we will see more long haul travel from china little. we will see more long haul travel from china but little. we will see more long haul travel from china but for- little. we will see more long haul travel from china but for sure - little. we will see more long haul travel from china but for sure this| travel from china but for sure this year travel from china but for sure this year 2023 travel from china but for sure this year 2023 will travel from china but for sure this year 2023 will be travel from china but for sure this year 2023 will be a travel from china but for sure this year 2023 will be a recovery- travel from china but for sure this year 2023 will be a recovery yeari travel from china but for sure this i year 2023 will be a recovery year of outbound year 2023 will be a recovery year of outbound travel year 2023 will be a recovery year of outbound travel from china - year 2023 will be a recovery year of outbound travel from china and - year 2023 will be a recovery year of outbound travel from china and i. outbound travel from china and i think outbound travel from china and i think the outbound travel from china and i think the beneficiaries outbound travel from china and i think the beneficiaries will- think the beneficiaries will definitely think the beneficiaries will definitely be think the beneficiaries will definitely be the - think the beneficiaries will definitely be the countries think the beneficiaries will. definitely be the countries of think the beneficiaries will- definitely be the countries of asia pacific definitely be the countries of asia pacific. ~ . ., , ., ., . pacific. when it comes to long-haul destinations. pacific. when it comes to long-haul destinations, do pacific. when it comes to long-haul destinations, do you pacific. when it comes to long-haul destinations, do you think- pacific. when it comes to long-haul destinations, do you think it s - destinations, do you think it s going to be the old favourites, the paris, london, new work permit, or are new destinations coming into vogue? i are new destinations coming into vouue? ~ . . are new destinations coming into vouue? ,, . , ., vogue? i think a bit of both new york. yes. vogue? i think a bit of both new york. yes, new vogue? i think a bit of both new york. yes, new york, vogue? i think a bit of both new york. yes, new york, los - vogue? i think a bit of both new york. yes, new york, los angeles. vogue? i think a bit of both new. york. yes, new york, los angeles. i think york. yes, new york, los angeles. i think you york. yes, new york, los angeles. i think you will york. yes, new york, los angeles. i think you will be york. yes, new york, los angeles. i think you will be looking york. yes, new york, los angeles. i think you will be looking at - think you will be looking at countries think you will be looking at countries in think you will be looking at countries in europe - think you will be looking at countries in europe that i think you will be looking at. countries in europe that were probably countries in europe that were probably a countries in europe that were probably a little countries in europe that were probably a little less - countries in europe that were probably a little less to - countries in europe that were probably a little less to stay. probably a little less to stay before, probably a little less to stay before, like probably a little less to stay before, like the probably a little less to stay before, like the czech - probably a little less to stay- before, like the czech republic, serbia. before, like the czech republic, serbia, montenegro, before, like the czech republic, serbia, montenegro, albania, l serbia, montenegro, albania, butqaria serbia, montenegro, albania, butqaria they serbia, montenegro, albania, bulgaria. they have serbia, montenegro, albania, bulgaria. they have been - serbia, montenegro, albania, - bulgaria. they have been marketing quite hard bulgaria. they have been marketing quite hard to bulgaria. they have been marketing quite hard to the bulgaria. they have been marketing quite hard to the chinese bulgaria. they have been marketing quite hard to the chinese market. quite hard to the chinese market during quite hard to the chinese market during the quite hard to the chinese market during the pandemic quite hard to the chinese market
Is there in china a recognition, do you think, among ordinary consumers, ofjust how powerful they are in a global context? well, chinese consumers realise the weight and importance of them. but i think the potential space for chinese consumers is much higher than they probably already realise. chinese private consumption s ratio to gdp is 36% only when you compare that to the us, which is 70%. so the importance of chinese consumers, whether to domestic suppliers or international supplies, will continue to grow. thank you very much. travel is one of the biggest areas in which we re expected to see a big increase. before pandemic, chinese globetrotters where the largest group of international tourists in the world. but are the set to make a return, and where will they go? i ve been speaking to the director of the tourism intelligence specialist,
Chinese travelling . into their countries. the uk was one of those, japan, korea, australia, i the us as well. most of those have been lifted i over time because the infection curves in china have dissipated and it has fallen away considerably. but china itself does actually still stipulate some - rules on outbound travel. independent travellers - from china can travel anywhere they like, but group. travellers, tour group travellers, they are more restricted. i currently there are 60 - countries around the world that are permitted to receive - chinese group tour travellers, and currently the uk is not one of those. i where are chinese travellers looking to go right now? are they still staying at home more than we did before the pandemic, or are they starting to look overseas again? the first thing recoveredj in the first three months since china reopened for travel and tourism, domestically - and internationally, l is domestic tourism.
Beenjust impressive, but the more fundamental question is, how sustainable is this? we at the economist intelligence unit are looking at chinese gdp growth to be 5.7% this year, much higher than the government target of around 5%. in fact the 5.7 already points to the fact that china will contribute to one third of the entire global economic growth this year, so that is quite impressive. that is a very significant contribution to the world economy. qian, chinese consumers more interested right now in spending at home, or are they also looking to spend abroad once again? the question is both, but we need to look at the short term and a bit of the longer term. so for the short term, especially this year, the majority would be domestic spending, but going forward, especially when it comes to tourism and travel, outbound, that will start