Tourism During the Chinese Economic Downturn In 2015, the weakening Chinese economy witnessed changes in its travelers
Question:
Tourism During the Chinese Economic Downturn In 2015, the weakening Chinese economy witnessed changes in its travelers’ holiday destinations.
While fewer travelers visited faraway destinations such as Europe and North America, nearby destinations like Japan, South Korea, and Thailand benefited from an increase in Chinese tourists.
a. What does this news clip imply about the income elasticity of demand for travel in general, and for faraway and nearby destinations in particular?
b. Would the income elasticity of demand for long distance travel be greater or less than 1?
What about traveling to nearby destinations?
Explain.
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