高盛：亚洲消费者：中国旅游热潮.pdfVIP

November 20, 2015 The Chinese Tourist Boom ? China’s outbound tourism is set to bloom over the t next 10 years and leave its mark on a wider range x of destinations. Fueled by experience-hungry e millennials and a growing middle class, the number N of Chinese passport holders is forecast to swell by e 100 million over the decade – equal to almost 1.5x r all US outbound tourists today. While Hong Kong e and Macau will remain important destinations, the h surge will lead to dramatic increases in visitors to W destination across Asia, Europe and beyond. , w o N e r e h W Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to /research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. The Goldman Sachs Group, Inc. November 20, 2015 Asia Pacific: Retail Table of contents Chinese tourism in eight charts 4 Overview: Six key questions