Boston, MA -- (SBWIRE) -- 06/25/2014 -- The tourism report for Hong Kong looks at a range of key indicators in this flourishing Asia Pacific market, with growth expected across inbound and outbound travel, the hotel sector, tourism expenditure and overall industry value throughout our forecast period to 2018.
Hong Kong's inbound travel market is dominated by countries from within the Asia Pacific region, with China in particular providing the bulk of arrivals, thanks to geographical proximity, ease of travel and broad historical and cultural connections. Owing to general economic growth in the Asia Pacific region and beyond, we expect to see inbound arrivals to Hong Kong increase steadily from an already impressive base. After year-on-year growth of around 8% over the coming years, we expect arrivals will surpass an impressive 78mn in 2018 - an enormous market for the small territory.
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While we expect growth rates in outbound travel to be a little slo wer through the forecast period; this is more due to the already well- developed nature of the outbound travel market as opposed to any general decline in travel. In fact , Hong Kong already has one of the highest rates for the number of departures per population, and outbound travel is expected to increase from 11 .1 mn in 2013 to 12.6mn in 2018.
Hong Kong has long been established as a key transit hub in the Asia Pacific region. It is a popular entrance to mainland China for travellers from Western markets, and many long-haul travellers from Europe and America also use Hong Kong as a short-stay connection in between long-haul flights to other destinations in the regions. With a very well-developed transport infrastructure, including the highly rated Hong Kong International Airport, one of the busiest in the world, the territory is well placed to keep up with the expected increases in inbound and outbound travel. However, it is not resting idly, and a range of infrastructure development projects are planned or under way to keep tourism expanding.
The Hong Kong Tourism Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for tourist expenditure; government expenditure on tourism; passenger arrivals and departures by mode of transport, reason for travel, origin and destination; and the accommodation market.
BMI's Hong Kong Tourism Report provides industry professionals and strategists, corporate analysts, associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the Hong Kong tourism industry.
- Benchmark BMI's independent tourism industry forecasts for Hong Kong to test other views - a key input for successful budgetary and planning in the Hong Kong tourism market.
- Target business opportunities and risks in the Hong Kong tourism sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Hong Kong.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity).
BMI Industry View
This contains a synopsis of our forecasts, and any changes, together with an overview of key trends and developments in the tourism industry, and an assessment of the impact of various economic and national factors which might affect the sector. It also covers new transport projects, new hotel developments, and acquisitions.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the tourism sector and within the broader political, economic and business environment.
BMI Industry Forecast Scenario
Forecasts to end-2018 for all key indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecasts:
Inbound tourism: Arrivals (?000), arrivals growth (% y-o-y), arrivals by region, growth (% y-o-y), arrivals by country, growth (% y-o-y), top 10 countries based on arrivals, growth (% y-o-y).
Outbound tourism: Departures (?000), growth (% y-o-y), departures by regional destination (?000 and growth % y-o-y).
Travel: Methods of travel for arrivals (Air, Ship, Rail), (?000) and (% growth y-o-y), international Tourism receipts for transport (US$bn), (growth % y-o-y), international Tourism receipts for travel items (US$bn), (growth % y-o-y).
Hotels: Hotel industry value (US$bn), (growth % y-o-y), (%GDP), (per capita), (per employee), number of hotels and like establishments (?000), (growth % y-o-y), total overnight stays, (?000), (growth % y-o-y), length of stay, occupancy rate (%), number of hotel rooms, (?000), (growth % y-o-y).
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