Wealthy Chinese and international travelers make the hotel industry a bright spot in China, says Shaun Rein, managing director of the China Market Research Group in the Wall Street Journal, as major hotel chains announced to expand their investments despite the ongoing financial crisis.
Mr. Rein said he expects strong travel demand from Chinese consumers between the ages of 26 and 32 years old, who in research his company has done say they plan to travel domestically at least once in the next six months and make one international trip in the next year. Thailand, South Korea and Hong Kong are their top destinations.”We still see every day Chinese taking vacations and spending their money,” he says. “They don’t see any fear from the global slowdown.”
The arguments is going to be loud. Some industries like IT-companies with major foreign investments are tightening the belt, also in China. But other see China defy the global crisis by banking on its strong domestic demand. It is going to be an interesting debates as different scenario’s get into shape.
Is the financial crisis going to hit China hard, or will strong domestic demand and financial isolation shield the country from the international fallout? The debate is getting into shape, also among the speakers at the China Speakers Bureau. Interested in having them as a speaker? Do let us know.