A new report from ForwardKeys indicates that air travel bookings from China have slowed sharply over the past three months, especially to Europe and the U.S., closely mirroring a decline in the country’s stock market.
Total outbound international bookings from China fell from a growth of 21 percent year on year, to just 1 percent, since the Shanghai Composite hit its peak.
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Departures from China from September to December 2015 will still grow compared with the same period last year, the ForwardKeys analysis shows.
And travel during the upcoming Golden Week national holiday, from October 1 to 7, is hardly affected by the stock market drop because bookings were made months in advance.
However, bookings to Europe and the U.S. for November and December 2015 are lagging behind the volumes for the same period last year. The weaker Chinese currency is clearly making an impact on travel decisions.
“Changes in the broad economic climate can have a great impact on the travel industry," Olivier Jager, ForwardKeys co-founder and CEO, said in a statement. "The prospects for the low season after Golden Week are still uncertain because Chinese travelers are becoming late bookers. Nevertheless, despite the slump in travel to Europe and the U.S., overall departures from China will turn back to growth during the period September to December.”