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Hong Kong Travel and Tourism Market 2017

Monday, June 17, 2013 1:18
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Domestic and outbound tourism in Hong Kong has recovered after a brief decline due to the financial downturn in 2009. International arrivals to the country registered healthy growth between 2008 and 2012. According to the World Travel and Tourism Council (WTTC), in 2012, tourism contributed 18.5% to the country’s GDP, and accounted for 16.2% of the total employment. In 2011, the Hong Kong Tourism Board (HKTB) launched the promotional campaign ‘Asia’s World City’ to create more awareness of Hong Kong as an attractive tourist destination.

Domestic tourist volume increased from 749,036 trips in 2008 to 841,332 trips on 2012, expanding at a CAGR of 2.95%. Domestic tourist volumes are expected to increase at a CAGR of 3.03% to reach 976,899 trips in 2017. The key growth drivers over this period will be improved economic conditions and government initiatives to promote domestic tourism.

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Inbound tourism also increased, between 2008 and 2012, as the number of international arrivals increased from 17.6 million to 23.8 million, expanding at a CAGR of 7.78%. Inbound tourist arrivals are expected to reach 33.2 million in 2017, at a CAGR of 6.89%. The key drivers of this growth are improved economic conditions in key source markets and promotional initiatives to present Hong Kong as an attractive tourist destination.

The outbound tourism is expected to increase from 31.2 million in 2012 to 33.0 million in 2017, increasing at a CAGR of 1.11%. The expansion in air transport capacity to key outbound destinations and an increase in disposable income will support this trend.

Hong Kong’s air traffic volume, both domestically and internationally, has continues to rise. Passengers carried reached 55.7 million in 2012, having expanded at a CAGR of 4.24% between 2008 and 2012. The number of passengers carried is expected to increase at a CAGR of 3.18% to reach 65.1 million between now and 2017. Total revenue is also expected to increase from HKD135.2 billion (US$17.4 billion) in 2012 to HKD175.0 (US$22.6 billion) in 2017, recording a CAGR of 5.30%. The acceleration of growth over this period will be driven by expanding tourist volumes and air capacity.

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The economic slowdown in 2009 adversely affected Hong Kong’s hotel market as it recorded an 11.2% decrease in total hotel revenues. However, the market value expanded at a CAGR of 11.58% between 2008 and 2012, due to recovery in tourist flows in 2010 and 2011. Hong Kong’s hotel market posted an increase in revenue from HKD33.8 billion (US$4.3 billion) in 2012 to HKD45.2 billion (US$5.8 billion) in 2012. Total revenue is expected to increase at a CAGR of 5.07% to reach HKD57.9 billion (US$7.5 billion) by 2017, with an expected increase in tourist volumes.

Reasons to buy

- Stay one step ahead of the industry by understanding the flow of tourists including domestic, inbound and outbound.

- Understand where the potential lies within the travel and tourism industry in Hong Kong by viewing data and forecasts with regards to Airlines, Hotels, Car rental, etc.

- Stay ahead of your competitors by taking a look into their company profiles, including Cathay Pacific Airlines, Hong Kong Airlines LTD, Regal Hotels International Holdings Ltd, Hawk Rent a Car and Lotus Tours Limited.

- Expand your business by gaining an overall understanding of the market using the reports Airport profiles, tourism board profiles, car rental profiles, etc as well as a SWOT analysis on the Tourism market in Hong Kong.

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