"Why Chinese Tourists Are Not Yet Prepared for a Revengeful Return"

On the early morning of March 25, 2023, at exactly 5:00 AM, the following blog post was published.

In 2021, worldwide tourism had 448 million visitors and spent US$637 billion (S$849 billion), which is just one-third of what it was in 2019 before Covid-19. To understand how significant this is, the tourism industry is currently the same size as it was in 1990 in terms of visitor numbers. This downturn has been worse than the consequences of the 1990-1991 recession, the 2001-2002 terrorist attacks, and the 2007-2008 economic crisis put together.

It's true that tourism around the world was projected to level off by 2019, even if the Covid-19 pandemic had not happened. The Chinese sector, which represented 10 percent of all global tourism arrivals and 18 percent of spending, was already indicating signs of slowing down because the Chinese economy was not growing as quickly as before.

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