Chinese Overseas Travel Recovery Wanes Amid Rising Costs

The recovery of Chinese outbound travel from the COVID-19 pandemic is waning due to increased costs and visa challenges, leading travelers to prefer local destinations. Chinese tourists, major spenders globally, are opting for domestic trips over international ones, impacting global travel-related businesses. Factors like a property crisis, high unemployment, and economic uncertainties have made Chinese consumers more cost-conscious, resulting in decreased spending on travel and other goods. With the Chinese yuan devalued by over 2% against the dollar, the recovery of international travel may take up to five years, according to experts, affecting countries like France, Australia, and the US.