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How the U.S. Travel Industry Is Adapting to a Growing Wave of Chinese Tourists

Tourists from China now spend more on international travel than tourists from any other country. The U.S. travel industry is slowly learning how to attract them. According to a report released last week by the U.N. World Tourism Organization, Chinese travelers spent $102 billion on international tourism in 2012, 40% more than they spent in 2011. More than 80 million Chinese traveled internationally in 2011, outspending German tourists — the longtime leader in overseas travel spending — for the first time. Those numbers have steadily climbed since 2000, when 10 million Chinese traveled abroad. (MORE: Google Fiber Heading to Austin as Cities Race to Boost Web Speeds) This remarkable growth — largely due to relaxed government restrictions on foreign travel and the rise of a Chinese middle class with disposable income — has forced the U.S. travel industry, from hotels to restaurants to shopping centers, to adapt to this influx of Chinese tourists. The hotel industry has perhaps been ...

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Found 1 month ago on channel TIME Moneyland

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How the U.S. Travel Industry is Adapting to a Growing Wave of Chinese Tourists

Tourists from China now spend more on international travel than tourists from any other country. The U.S. travel industry is slowly learning how to attract them. According to a report released last week by the United Nations World Tourism Organization (UNWTO), Chinese travelers spent $102 billion on international tourism in 2012, 40% more than they spent in 2011. More than 80 million Chinese traveled internationally in 2011, outspending German tourists – the long-time leader in overseas travel spending – for the first time. Those numbers have steadily climbed since 2000, when 10 million Chinese traveled abroad. (MORE: Report: Google Fiber Coming to Austin as Cities Race to Boost Web Speeds) This remarkable growth – largely due to relaxed government restrictions on foreign travel and the rise of a Chinese middle class with disposable income – has forced the U.S. travel industry, from hotels to restaurants to shopping centers, to adapt to this influx of Chinese tourists. The hotel ...

amenities asian austin bbc billion china chinese chinese-guest german google government hilton location mandarin marquis marriott million nation organization restrictions service services sheraton starwood states tourism tourists translation united unwto usa web westin york

Found 1 month ago on channel TIME Business

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Judge approves $2.43B Bank of America settlement

NEW YORK -- A New York judge approved Bank of America's $2.43 billion settlement of a class action lawsuit brought by shareholders over its acquisition of former competitor Merrill Lynch....

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Found 1 month ago on channel Associated Press

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United States: New York State Publishes Sandy Action Plan - Duane Morris LLP

The State of New York has published its action plan in connection with the first $1.7 billion in Federal CDBG-DR aid appropriated by the United States Congress, and allocated to New York State, for Sandy disaster relief.

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Found 1 month ago on channel Mondaq

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New York Times Co. To Sell Boston Globe Amid Changing Media Landscape

The Times they are a-changin’ — again. The New York Times Co., parent company of the Gray Lady, plans to sell The Boston Globe, the venerable newspaper founded in 1872 by six Boston businessmen. The sale, which has been expected, is another indication of the rapidly changing U.S. media landscape, as the Internet transforms traditional media companies and new upstarts rise to challenge them. The decision to sell The Globe (part of the New England Media Group) is the first major action undertaken by new Times Co. CEO Mark Thompson, the former head of British Broadcasting Corp. For the last several years, The Times has been shedding assets and developing a new strategy centered around video, mobile devices, social media, and international growth. In short, The Times aims to become the premier global news organization, one deeply rooted in technology. “Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus and investment on The New ...

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Found more than 1 month ago on channel TIME Business

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