Marketing expert Ashley Dudarenok identifies three different groups of modern Chinese tourists and gives tips in Dao Insight on how businesses can attract them, especially now they tend to spend their money domestically, not internationally. She says now is the best time to set up 2023 and 2024 strategies.
China business veteran Shaun Rein discusses with Cyrus Janssen how China has faced challenges since it opened up post-Corona. Outbound travel has not resumed, expected revenge spending did not happen and consumer confidence is at the lowest rate ever. No, he says, China is not yet back to normal, because consumers sit on their corona savings, unwilling to spend. And foreign investors, while CEOs are going to China, are hesitant to resume investing in China, at least till the end of 2023. But support for Xi Jinping is still there, he sees. Though, expect a tough 10-20 years.
One of the major nuisances for foreign visitors to China might be gone as the country’s major payment giants, Tencent (operating WeChat Pay) and the Ant Group (operating Alipay) agreed to accept foreign credit cards on their platforms. Up to now, visitors needed to have a Chinese bank account to use those common payment tools in China.
China launched its first homemade cruise ship, as this part of the tourist industry struggles to stay afloat. But consumption expert Ashley Dudarenok sees a bright future for cruises from China, as this industry is still in its infancy in a country where many look for alternatives, she tells at state-owned broadcaster CGTN.
Leading VC William Bao Bean explains how travel startups managed through the COVID-19 crisis at PhocusWire Pulse. In China, they survived by focusing on booming domestic travel, but the lack of international travel hit some severely. Some of the travel startups he guided to the market had to give up their efforts to enter the Asian market, while others adjusted to the difficult market conditions.
Marketing expert Ashley Dudarenok looks at the recent Autumn festival, China’s second-largest holiday. How did it develop and how does it affect tourism, eating, and drinking, from her digital vlog. 80 million people have been traveling domestically this year, she says, and comparable to America’s Thanksgiving festival.
Many industries have to rethink the way their business and business models are organized when they resume action as the coronavirus crisis subsides. The travel industry is one of them, says Shanghai-based VC-veteran William Bao Bean, at WebInTravel. “Travel needed to solve a very big problem – high customer acquisition costs – and he said it needed a new model in which everyone wins, and not like now “where everyone loses but the platform”.