Beijing was a popular tourist destination before the pandemic with revenue from inbound tourism recorded at $5.16B in 2019 to just $480M in 2020. However, its total revenue from tourism decreased by over 53% in 2020 recording a staggering loss of $50B, according to data presented by TradingPlatforms.com.
Revenue from China’s tourism sector grew at a strong 13.8% CAGR from 2010-2019 to almost $880B. In 2019, China was the fourth most visited country by foreign tourists with 65.7M arrivals for the year. From 2016-2019 Beijing’s tourism revenue experienced a 5.53% CAGR, rising to a value of ¥622.7B in 2019. Beijing suffered a huge loss in revenue specifically in inbound tourism where revenue dropped from $5.16B in 2019 to just $480M in 2020.
China felt the effects of COVID-19 before much of the rest of the world did. Beijing experienced a dizzying 96% drop in weekly AirBnB bookings compared to just 46% in Seoul and 29% in Tokyo in this time.
In 2019, the absolute economic contribution of tourism in China was estimated at $1.67T, which fell to just $745.5B in 2020 - a decrease of more than 55%.
However, projections have the figure bouncing back up by over 40.5% in 2021 to $1.04T. Despite the turmoil of 2020, China’s absolute economic contribution from tourism is projected to have an impressive CAGR of 20.75% from 2021-2025, reaching more than $2.67T by the end of the forecast period.
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