New Consumer Goods market report from Business Monitor International: "Hong Kong Tourism Report Q4 2013"
Boston, MA -- (SBWIRE) -- 10/08/2013 -- BMI's Hong Kong Tourism Report looks at the expected growth potential offered by the tourism market in the territory. A highly developed transport and accommodation infrastructure, as well as its position at the centre of an international crossroads, mean Hong Kong is well placed to profit from the expected growth in inbound and outbound tourism.
Inbound travel to Hong Kong has seen substantial growth in recent years. In 2010 we saw growth of over 20%, followed by increases of over 16% in 2011 and 15% in 2012. We expect smaller but still impressive growth of around 8% ayear leading to a total annual arrivals figure forecast for 2017 of over 71.1mn, offering a substantial potential market.
As well as impressive growth in inbound travel, we also expect strong growth in outbound travel, with the departures figure expected to reach over 15mn in 2017. 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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The Asia Pacific region is the most important source market for Hong Kong, and the strong economies of the region are likely to balance out any downturn we may see in travel from Europe and the US as the recovery process from the global credit crunch continues. China's continuing political tensions with Japan and South Korea, if they escalate, could affect regional travel to Hong Kong.
Hong Kong has a modern and extensive transport infrastructure. Hong Kong International Airport is a major transit hub for the region, and is one of the busiest airports in the world. In support of growth in the future, there are plans to expand the airport, allowing better regional connections and further utilisation 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.
The accommodation market in Hong Kong is well developed, and the area is a popular location, and safe investment, for the world's major hotel groups, with several hotels expected to open in coming years both in the territory and on the nearby mainland. Despite high costs and limited real estate opportunities we expect the number of hotels to continue to expand by approximately 8% a year.
- Hong Kong International Airport, already the 10th busiest international passenger airport in the world, continues to expand through strong investment.
- Outbound travel is expected to experience increasing growth rates from 2013 to 2017, reaching over 15mn 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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