The Winners & Losers When It Comes To The Chinese Boom

 In Research, Tourism

The Chinese upper middle class is booming and cashed up millennials are forecast to visit Australia in the millions. Australian businesses need to be prepared to handle the demands on the economy. An agile and responsive approach to labor hire & management may be the answer for small and medium businesses to fully capitalise on business opportunities from Chinese tourism. 

The Boom of the Chinese Middle Class

China Tourist Potential

It’s no secret that China’s population has grown exponentially over the past few decades, but China’s population is not only growing, it is also becoming richer. According to a study by consulting firm McKinsey & Company, 76% of China’s population will be considered middle class by 2022.

 

That means that in 2022, 550 million Chinese people will occupy the middle class. That’s enough people to exceed the third largest country in the world!

The new Chinese middle class will use their money to travel. 

What Does This Mean for Australian Businesses? 

Chinese Tourists vs NZ Tourists

The Chinese middle class also have less debt than their western counterparts. China’s household debt-to-GDP ratio of 40 percent is less than half the American household debt-to-GDP ratio, and is much lower than those of other developed countries. The new Chinese middle class will use their money to travel.

The prediction is that China is will become Australia’s biggest visitor market, exceeding even the New Zealand visitors. 3.3 million are expected to visit in 2026, spending more than $13 billion, according to Tourism Australia. Yet,  Australian businesses aren’t prepared to profit from this influx of tourists. We score only 67/100 on the China Readiness Scale.

 

Australian businesses aren’t prepared to profit from this influx of tourists.

Workforce Management Using Dash 

Managing resource allocation within an organisation can, at times, feel like you’re playing an intricate game of ‘Human Tetris’. You need to have the different parts positioned the right way, at the right time, to ensure you’re running as efficiently as possible and in the best position to win the game.

Dash will tell you the shape your people are in, and utilise it’s powerful placement algorithm to automatically piece them together project-by-project, with no gaps.

By dynamically monitoring your pipeline and identifying resource gaps well into the future, Dash makes you ready for whatever increases in business come your way – quickly, automatically & easily.

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