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[Travel News]: Beijing travel and tourism revenue plunged 53% in 2020

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The following is the [Travel News]: Beijing travel and tourism revenue plunged 53% in 2020 from [eTurboNews] recommended by TheTourAttraction.com:

The city of Beijing saw the momentum of travel and tourism industry halted in 2020.

Beijing’s revenue from tourism dropped by over USD 50 billion after years of growth as COVID-19 hit China early and caused massive disruption in H1 of 2020. Tourism in China is projected to completely recover in 5 years.

Beijing is one of the leading tourist destinations in China and the city has been enjoying the growth of the tourism sector until the pandemic of 2020 hit. Beijing suffered a staggering loss in revenue specifically in inbound tourism where revenue dropped from USD 5.16 billion in 2019 to just USD 480 million in 2020. 

According to the latest data, Beijing’s total revenue from tourism decreased by over 53% in 2020 for a staggering loss of RMB 330 billion or USD 50 billion.

In 2019, the absolute economic contribution of tourism in China was estimated at USD 1.67 trillion. This fell sharply to just USD 745.5 billion in 2020 – a decrease of more than 55% but still the largest in Asia and the second-largest overall after the USA.

However, projections have the figure bouncing back up by over 40.5% in 2021 to USD 1.04 trillion. The figure is projected to surpass pre-pandemic levels for the first time in 2023 when the absolute economic contribution of tourism is projected to be at USD 1.75 trillion.

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