According to Ctrip's data, in Q2 of 2024, inbound tourism orders to China increased by 28% compared to Q1, and the demand for chauffeur services for overseas tourists has grown more rapidly. Airport transfer orders for inbound tourists in Q2 increased by 145% compared to Q1.
The first half of 2024 has passed, and with China's visa-free "friend circle" further expanding, more and more inbound tourists are traveling to China, and the inbound tourism market continues to heat up.
Alipay recently released data showing that in the first half of 2024, the amount of Alipay consumption by inbound guests increased 8 times year-on-year.
Since the end of 2023, inbound tourists who are visa-free to China or have mutual visa exemption with China from 14 countries have spent 15 times more on Alipay in the first half of the year compared to the same period in the previous year. In addition, more and more international tourists have brought new business opportunities to Chinese merchants. In the first half of the year, the number of Chinese merchants doing business with international tourists using Alipay increased threefold year-on-year.
At present, there are still deficiencies in China's inbound tourism infrastructure in terms of payment, communication, language services, and supply chain, and it has not fully met the demands of foreign tourists.
With the promotion of policies and the active response of companies, such as the State Council Office's requirement for the convenience of payment services for overseas visitors to China in 2024, as well as the mobile payment solutions provided by Alipay, WeChat Pay, and other companies, this situation will gradually improve. After the epidemic, there have been new changes in inbound tourism demand, and supply chain and digital transformation have become key areas of reform.
Huatai Research Report pointed out that at present, there are still deficiencies in China's inbound tourism infrastructure in terms of payment, communication, language services, and supply chain, and it has not fully met the demands of foreign tourists. Inbound tourism demand has recently undergone new changes, and supply chain and digital transformation have become key areas of reform.
OTA platforms, with their flexibility and ability to respond quickly to market changes and upgrade products and services, are expected to have greater development opportunities in the new era of inbound tourism.
Travel OTA platform related companies: Ctrip Group-S (09961), Tongcheng Travel (00780)
Ctrip Group-S (09961) and Tongcheng Travel (00780)