Market – Greater China

• ST market research page
• ST Research Report Greater China 2023
• ST TMS 2018 Greater China

The Greater Chinese market continued its recovery trajectory throughout 2024, building on the momentum gained in the previous year. The tourism industry saw significant progress as travel confidence grew and barriers such as visa processing and airfares normalised.

Switzerland Tourism maintained its strong presence in the region with dynamic campaigns and strategic trade engagements. A highlight of 2024 was the winter-themed Switzerland Travel Experience in Shanghai as well as the Swiss Winter Festival, which strengthened trade relations and showcased Switzerland’s commitment to the development of emerging market segments.

By October 2024, the Greater China market has once again cracked the 1 Mio overnights mark and fully recovered its Swiss Travel Pass sales to the 2019 record levels.

For 2025, Switzerland Tourism anticipates a robust continuation of growth, with overnight stays expected to reach 1.4 Mio overnights. The significant market size, rising affluence of travelers as well as continuous societal shifts are strong indicators for a continued qualitative market development.

With its global travel better strategy, Switzerland Tourism will continue to focus on steering over promotion in the Chinese market, aiming at increasing the length of stay, balancing guest streams and supporting a sustainable tourism development from Greater China.

Mainland China’s economy continued to show resilience in 2024, with GDP growth revised upward to 4.8%. While still facing challenges, the Chinese economy is gradually gaining momentum after nearly four years of stringent zero-COVID policies that disrupted global supply chains and investor sentiment. Projections for 2025 indicate a growth rate of 4.9%. Factors such as subdued consumer demand, rising shipping costs between Asia and Europe, a looming risk of deflation, high youth unemployment, and an ongoing real estate crisis continue to weigh on growth. In response, the Chinese government is intensifying efforts to stimulate the economy through targeted policies and incentives aimed at boosting GDP and attracting foreign direct investment.
Despite short-term hurdles, China’s long-term growth trajectory remains robust, outpacing most Western economies. The nation is pivoting towards innovation-led growth, with key opportunities emerging in consumer technology, artificial intelligence, domestic brands, service industries, and green technologies.  
 
Hong Kong: The overall economic 2025 will be a cautious outlook. GPD growth is expected an average of 2.3% from 2025 to 2028. Rising tensions between US and China are anticipated to constrain stock market performance. However, excellent connectivity with the mainland and rest of the world provide opportunities for HK to emerge as a hub for innovation and technology. 
 
Taiwan: Taiwan’s economic growth is expected to stabilize in 2025, driven by a rebound in exports and continued investment in green energy and technology sectors. Inflation remains moderate, but rising living costs are a growing concern for middle- and low-income households. The semiconductor industry continues to play a critical role, with government-backed initiatives supporting innovation and talent development.

Mailand China: Domestic and international travel has picked up strongly during 2024, with domestic travel still trending and outpacing pre-pandemic levels. International travel is still lagging behind with consumers being more cost-sensitive. Globally outbound travel has recovered around 60-70% in most destinations, with the Middle East and APAC recovering the fastest and North America the slowest. Flight and visa developments have plateaued. 

Hong Kong: HK residents have shown a strong interest in international travel, with a preference for destinations in Asia, Europe and North America. HK travellers tend to prioritize safety, convenience and value for money. There’s a growing interest in personalized travel, luxury accommodations, unique cultural experiences, and sustainable travel. Major airlines are gradually increasing flight capacity. HK Int’l Airport remains a crucial hub for global destinations. 

Taiwan: Domestic travel remains popular, with new initiatives promoting eco-tourism and cultural heritage experiences. International travel is strongly recovering, with outbound tourism showing increased interest in Europe, particularly Switzerland. Taiwan’s visa-free travel agreements and direct flight routes to key destinations continue to bolster travel convenience and accessibility. The tourism industry is focusing on high-value experiences to attract customers, including luxury travel and customized tours.

Due to higher costs and lower capacity in European destinations a full recovery to the record year of 2019 will take time – but may also not be the ultimate objective anymore. Growth potential in terms of extension of stay, per capita spend and sustainable travel remains high in the Chinese market and should be the focus of the market strategy going forward.

Interest for Switzerland is high among Chinese travelers, thanks to a long-standing presence, great relationships between the region and Switzerland as well as a high perception of natural beauty, comfort, standard and safety in Switzerland. For most Chinese travelers a trip to Switzerland is still considered a very big expense, therefore they want to make the most of their trip and see both the highlights, experience the local and authentic culture, taste the local food and experience various forms of transportation such as cable cars, trains and boats. Shopping is also important for Chinese travelers who want to bring back unique good and gifts for friends and family, especially luxury goods. There is a tradition to buy several items on behalf of friends and family to evade the high import taxes especially in Mainland China. Therefore easy VAT return processes are also valued by Chinese guests.

While Chinese guests are mostly naturally curious, very prepared and eager to learn about another culture, they also value certain comforts they are used to at home, such as: digital payment, avavilability of hot water, Asian or Chinese food options and information and guidance available in Chinese language.

Our team conducted a qualitative survey among 60 buyers from Greater China in November 2023 to assess the biggest needs from the market post-pandemic.

In 2024, the Greater China market experienced gradual growth, recovering approximately two-thirds of the 2019 overnight stay levels. The market presents opportunities for sustainable development, with a shift towards smaller groups, more FIT segments, and tailor-made tours. Additionally, there is a diversification of traveler interests and improved distribution of visitor flows across both seasons and regions. However, global competition for Chinese tourists has intensified, with destinations worldwide vying for their attention. 

In light of these mid- to long-term market shifts, it is crucial for Switzerland Tourism to maintain a strong market presence in collaboration with its diverse destination partners, to effectively address emerging opportunities and challenges.

In 2025, ST Greater China’s efforts will primarily focus on the following market objectives:

1. Ensure that Switzerland and its partners remain top-of-mind among key target audiences in Greater China, with a distinct and compelling unique selling proposition.
2. Maintain and expand our network of market partners across media, travel trade, and other relevant sectors and platforms.
3. Enhance the marketing mix to effectively engage target audiences across B2B, B2B2C, and B2C segments.
4. Continue promoting sustainable tourism development.

In terms of marketing activities, ST Greater China will continue to establish a consistent baseline presence across our entire marketing mix (KAM, KMM, and C&A), integrating key partners through a tailored marketing package. Additionally, we will maintain a strong focus on high-impact campaigns targeting specific communities, including those centered on winter, culture, sustainability, and individual travelers.