Tens of thousands of Chinese tourists are shunning the country as a holiday destination, and companies from Tiffany to Hyatt Hotels are counting the cost.
FT
It goes to say US business love tourists from China because on average they spend U$7,000 per including the costs of flights and accommodation, according to data from the US Travel Association.
After several years of double-digit growth, however, Chinese visitor numbers rose only 4% in 2017 and last year they declined for the first time since 2003. There were 2.99m arrivals in 2018, a drop of 6% from 2017. This trend is continuing this summer. US executives say the slowdown is weighing on profits.
Trump will cry “Uncle” when retailers renting space in Trump properties go bust.
