James Packer Says- Sri Lanka Could Be Highly Favored By Rising Asian Middle Class

Srilanka in the coming days could prove to be the Mecca for the middle class tourist travelers in Asia. The changing demographics of India and China many change the tourism feature and make this tiny island destination the major tourism destination for the middle class of Asia, quite ahead of Australia, sayd James Packer. As said by Packer to a Commonwealth Business Forum in Colombo, the increasing income in Asia is producing greater demand for leisure and luxury goods. Looking at the graphs of the travel and tourism, in the year 2000, it was found that around 4 million Indians have traveled abroad, as estimated by the UN World Tourism Organizations and the figure could rise by the end of 2020 and reach around 50 million. Looking at the rising demand for foreign travel, this is the estimated figure and it would also cross. The trend of foreign travel from India is becoming quite popular and taking the shape as a trend. So apart from being a renowned travel destinations, Indians are tempted by the foreign destinations, leaving the local tourism destination at their place. Packer also said that the rising income of the Chinese middle class was resulting in growth of traveling abroad. In the year 2000, around 10 million Chinese had traveled abroad and in 2011 it had increased to 70 million. By the year 2015 it is expected to reach 100 million. Packer said, "Until tourism operators and authorities realize the rising demands of the Chinese middle class, and unless we can be able to supply their requirements, then we have very little hope of taking advantage of this situation." As for this situation, Packer said that Sri Lanka could be "a leading tourist mecca for the rising middle class of India, China and the rest of Asia." By the year 2030, China is expected to have about 1.4 billion middle class consumers. Packer said, "To put this in viewpoint, it is estimated that the combined US and European middle class population will only be around 780 million at the same point of time." "As to the rising power and tastes, the Chinese middle class will strongly change every aspect of the world economy. Those businesses and countries that stage themselves according to this prospective will have surely gain advantage in the future." He said that it will certainly prove profitable, as we have already witnessed the requirements of Wealthy Chinese such as the luxury travel, luxury hotels, signature restaurants etc. "It is also the reason why Chinese tourists favor visiting major cities, where they can experience these luxury facilities," he said. Packer also said that even Singapore was turning into integrated resorts because tourism arrivals were falling and were staying for shorter period.