Recently published research from Business Monitor International, "Hong Kong Tourism Report Q2 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 05/21/2013 -- This quarter BMI has revised and restructured its tourism reports, incorporating a greater range of data and focusing on the hotel industry, the value of the tourism industry itself, and the impact of macroeconomic factors.
We believe there is strong investment potential offered by the Hong Kong tourism market, based primarily on strong regional demand, and the possibilities for long term growth. Tourism to Hong Kong has experienced strong growth in recent years and we expect this trend to continue over the forecast period up to 2017. Arrivals were up almost 15% in 2012 compared to 2011, and we forecast that the total arrivals figure will reach over 70mn per year by 2017. Outbound tourism is also expected to show growth, again with the Asia Pacific countries dominating the market.
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The global economic uncertainty will continue to affect the number of international visitors to Hong Kong, with any further downturns serving to depress travel, particularly tourist arrivals from the European and North American markets. However, we expect to see strong arrivals from China and other countries from within the Asia Pacific region which will continue to fuel growth. Political tensions between China, Japan and South Korea may affect travel to Hong Kong but should not have a substantial impact.
Investment in the improvement of the travel infrastructure in Hong Kong continues, particularly with regards to the expansion of the airport, already a major international hub, which will see more travellers utilizing Hong Kong as a short stay destination during long haul flights. The territory is also a popular destination for cruises, with a number of companies operating out of Hong Kong.
- The world's major hotel groups continue to expand their premises in Hong Kong, with several hotels expected to open in upcoming years both in the territory itself and nearby on the mainland. We expect the number of hotels to increase by approximately 8% per year until 2017.
- Hong Kong International Airport continues to expand cementing its place as a leading Asian airport hub, and is already the 10th busiest international passenger airport in the world.
- Outbound travel is expected to experience increasing growth rates from 2013 to 2017, reaching over 14mn per 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.
- This quarter BMI has given Hong Kong an overall Tourism Industry Risk/Reward rating of 75, placing it first overall in the Asia Pacific region.
- Key events in Hong Kong in 2013 include the world famous Hong Kong Derby, the 41st Hong Kong Arts Festival, the Hong Kong Book Fair, and the Hong Kong Sevens rugby tournament.
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