00:00Jack Roizen is co-founder of consultancy brand Foresight Performance Partners based in Shanghai.
00:06I asked him why experience-led tourism is becoming more popular.
00:10I think the Chinese consumer has gone from, you know, an approach to consumption that was very, you know, YOLO.
00:21You only live once based.
00:24And in the last couple of years, you're seeing them go towards more of what I would call YONO, Y
00:31-O-N-O.
00:32You only need one.
00:33And so at some point, you know, they got over buying luxury bags, luxury shoes and items and goods.
00:42And what they want is to experience something a little bit more qualitative, a little bit more deep.
00:49And that's why you've seen since the pandemic this shift towards consumption for experience.
00:58Another notable trend that we've seen this holiday is the growth in the number of inbound tourists to China.
01:04Now, visa-free policies have helped with that.
01:06But it's also an interest in immersing themselves in Chinese culture.
01:10Why do you think that is?
01:14I think, I mean, first of all, you can't underestimate the shift of the visa policy
01:21because the fact that almost anyone from anywhere in the world now can get on a plane to China
01:27without having to apply for a visa before has simplified the process tremendously.
01:33Second, I think the Chinese ecosystem is very welcoming of foreign tourism.
01:40And so you're seeing people make, you know, extra efforts as they're seeing tourists, international tourists come back to China.
01:49And in some of the biggest shopping malls in China, you're starting to see, you know,
01:5410 to 20 percent of the revenue come from international tourists, which five years ago was unthinkable.
02:01And the box office has maintained a steady momentum during the holiday period.
02:05We're also seeing a boom in something called film tourism.
02:09People going to visit the sites of their favorite film and stuff.
02:12How important could that industry be going forward for consumption?
02:18I think this is a testament to the power of Chinese social media.
02:24The places that become iconic because of movies and sometimes cartoons, by the way,
02:30find themselves attracting the curiosity of Chinese tourists who want to go on the sites of those locations
02:37and take pictures there.
02:40And I think it's part of this, you know, this desire to experience something outside of the ordinary
02:48and what's more out of the ordinary than being on the set of a movie.
02:53How are you going to get at the movie movie?
02:53Here we go.预
