Winning the Next Billion Asian Travelers—Starting with China
Frank Budde, et al.
December 5, 2013
We are not shy to criticize the conclusions of the major consulting houses when they get it wrong on China, so it is only fair that when we catch them doing something right, we say as much. Such is the case with the Boston Consulting Group’s report on China’s outbound travelers.
The report gets it right in some important areas, most notably on the importance of segmenting the market. Not all Chinese tourists are created equal, and those segments will evolve as more tourists spend more time overseas. Mr. Budde and his fellows then go one better: they offer nine strategies for companies to follow when chasing the Chinese consumer.
As with all general prescriptions, it is easy to quibble on particulars, but in our experience the BCG report provides a great starting point for building 1-3 year strategies for addresing this evolving – and lucrative – market.