Recently published research from Business Monitor International, "Hong Kong Tourism Report Q1 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/16/2013 -- The Hong Kong Tourism Report examines the very strong long-term potential being offered by the local tourism industry, bolstered by ever-increasing demand from China, but we caution that demand from other traditional source markets, notably in continental Europe, may well remain weak into 2013 as that region tries to get to grips with its mounting economic difficulties.
The report also analyses the growth and risk management strategies being employed by some of the leading players in the tourism sector, including airlines, gaming companies and hotel chains, as they seek to maximise the tremendous growth opportunities being offered by the Hong Kong market.
2012 looked set to be another record-breaking year for Hong Kong tourism, in line with BMI's upbeat views on the industry. Arrivals over the first nine months of the year stood at 35,376,401, an increase of 16.3% year-on-year (y-o-y), according to figures from the Hong Kong Tourism Board (HKTB). This strong year-to-date performance has led BMI to make an upwards revision to its forecast for visitor arrivals (same-day plus overnight) for 2012 as a whole.
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China remained the most important source market for inbound tourism to Hong Kong, sending 25.33mn tourists to Hong Kong over January-October, an increase of 24.2% y-o-y. Overall, China accounted for over 70% of all arrivals to Hong Kong over the first nine months of 2012. Other key short-haul source markets for Hong Kong tourism included the Philippines, Japan and South Korea.
Over the past quarter, BMI has revised the following forecasts and views:
- BMI has revised upwards its forecast for 2012 tourist arrivals, from growth of 6%, to growth of 14.5% for the full year. This reflects the strong performance seen year-to-date, driven by demand from mainland China, which BMI expects to endure until year-end.
- BMI believes arrivals from Russia will become ever-more important to the Hong Kong tourism industry over our newly extended forecast period to 2017. From just 37,153 arrivals in 2008, Russian tourists had increased to 131,357 arrivals by the end of 2011, with arrivals going up by 48.9% in 9M12 to reach 128,631. On current trends, BMI believes Russia will surpass France and Germany between now and end-2017, to become Hong Kong's second most important European source market, behind the UK.
- BMI believes that Macau Studio City should prove a strong revenue generator for Hong Kongbased company Melco Group when it opens in 2015, provided approval for gaming facilities is forthcoming from the local government. Melco is developing the Macau resort in partnership with Australian gaming company Crown via the joint venture company Melco Crown Entertainment.
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