BMI's Research Of Hong Kong Tourism Report Q4 2013 Shows Growth Potential

03 Oct 2013

Business Monitor International has published research from ‘Hong Kong Tourism Report Q4 2013’ looks at the anticipated growth potential displayed by the territory’s tourism market. A vastly developed accommodation and transport infrastructure, along with its position at the middle of an international crossroads means that Hong Kong is well positioned to profit from the anticipated growth in both outbound and inbound tourism.

In recent years, inbound travel to Hong Kong has seen considerable growth. 2010 saw a growth of more than 20%, followed by rises of above 16% in 2011 and above 15% in 2012. There is an expectation of smaller but still remarkable rise of around 8% per year. This leads to a figure forecast for 2017as total annual arrivals of more than 71.1 million, which is a significantly potential market.

Apart from the impressive growth in arrivals, there is also an expectation of strong growth in departures, with the outbound travels figure anticipated to reach over 15 million in 2017.

Hong Kong has an extensive, modern transport infrastructure. The Hong Kong International Airport is one of the world’s busiest airports being a major transit hub for the region. There are plans to expand the airport in support of potential growth in the future, which will allow better regional connections and expedite utilization of the its role as a transit and short-stay destination. Another lucrative potential market apart from the increased air travel is the rising number of cruise companies which are now operating out of Hong Kong.

Also, Hong Kong’s accommodation market is developed very well, and the area is a safe investment and popular location for major hotel groups of the world. Several hotels are expected to open in the coming years. Despite limited real estate opportunities and high costs, the number of hotels are expected to expand by approximately 8% a year.

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