Chinese New Year brings in long-term economic benefits for Australia

Allianz-Global-Assistance

Chinese New Year brings in long-term economic benefits for Australia

Australia’s increasing popularity as a destination for Chinese nationals over the Lunar New Year holiday is expected to create a wealth of long-term economic opportunities for Australia.

Over the coinciding February period last year, the Australian Bureau of Statistics (ABS) reported 226,900 Chinese visitors – well beyond the previous record high of 175,000 set in February 2016.

According to Allianz Global Assistance owned data, the number of active overseas visitor health care policies amongst extended working and visiting Chinese is also tracking significantly higher than the same time last year .

Jodi Thomas, Allianz Global Assistance General Manager Strategy, International Health, said the increased exposure to short-term visitors, beyond the immediate cash injection, also encourages Chinese visitors and workers to return for longer periods.

“In a world where word-of-mouth now sits on social media and reaches people at mass scale, increased tourism visitation is a powerful marketing platform that encourages longer term stints, particularly through young people coming to Australia as students,” Ms. Thomas said.

“When international education is worth more than $32 billion to the Australian economy, and is our third largest export2, you can start to see why a spike in Chinese New Year visitors can offer significant long-term gains.

“Add to this the fact that China accounts for 30 per cent of international students to Australia and continues to grow in double figures (22 percent between 16/17 and 17/18)2, and we can really put into context how the Year of the Pig can bring Australia wealth, in more ways than one,” she said.

Further analysis of Allianz Global Assistance data across health cover for extended international visitors to Australia reported a year-on-year increase from the Chinese across all its visa groups including students, workers and visitors.

About Allianz Partners
Dedicated to bringing global protection and care, Allianz Partners is the B2B2C leader in assistance and insurance solutions in the following areas of expertise: assistance, international health & life, automotive and travel insurance. These solutions, which are a unique combination of insurance, service and technology, are available to business partners or via direct and digital channels under the commercial brands Allianz Assistance, Allianz Care and Allianz Automotive.

This global family of over 19,000 employees is present in 76 countries, speaks 70 languages and handles 54 million cases per year, protecting customers and employees on all continents.

For more information, please visit: allianzpartners.com.au

Source = Allianz Partners
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