New Consumer Goods market report from Business Monitor International: "Hong Kong Tourism Report Q1 2014"
Boston, MA -- (SBWIRE) -- 01/08/2014 -- BMI's Hong Kong Tourism Report examines a range of market indicators in this well established and popular tourist destination in the blossoming Asia Pacific region. With a modern and efficient transport network, including one of the busiest airports in the world, and a well developed accommodation market, Hong Kong is well placed to take advantage of the forecast growth in inbound travel.
Hong Kong's location at the centre of an international crossroads means it has benefited from yearly increases in arrivals, a trend we expect to continue. Between 2013 and 2017 we are forecasting year-on-year (y-o-y) growth in arrivals of 8%, a very healthy growth rate for the region, leading to an annual arrivals figure of over 71.4mn in 2017. This is an increase of close to 20mn visitors a year compared to 2013.
Outbound travel is also expected to grow strongly, forecast to reach over 12mn in 2017. While small compared to inbound arrivals, Hong Kong has one of the highest departure rates per population in Asia Pacific, reflecting the high propensity for travel and the possibilities inherent in the outbound travel market.
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Both inbound and outbound travel are heavily reliant on the Asia Pacific region, and with many economies in this area booming, including India and China, any possible downturn in arrivals from Europe and the US are likely to be offset. However, arrivals may be affected by lingering political tensions between China and Japan and South Korea, and any escalation could affect regional travel.
Hong Kong is a very well established tourist destination, and benefits from a modern and extensive transport infrastructure. A wide range of investments in infrastructure are planned or underway, including plans to expand Hong Kong International Airport (HKIA), which would allow for increased regional connections and further use of the territory's role as a short-stay and transit destination. As well as increases in air travel, an increasing number of cruise companies are also now operating out of Hong Kong, and this offers a lucrative potential market.
Like transport, the accommodation market is already well developed, and many of the world's top hotel grounds are already well established, with several hotels expected to open in coming years both in the territory and nearby on the mainland. Despite high costs and limited real estate opportunities we expect the number of hotels to continue to expand by approximately 8% a year.
- HKIA, already the 10th busiest international passenger airport in the world, continues to expand.
- Outbound travel is expected to experience increasing growth rates from 2013 to 2017, reaching over 12.2mn departures a year by 2017.
- Inbound travel is also expected to grow over the forecast period, based both on increasing travel from China and other Asia Pacific countries, but also on increased global travel.
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