Lewes, DE -- (ReleaseWire) -- 06/24/2014 -- The Hong Kong travel and tourism sector performed well during the review period (2009?2013), with growth recorded in both domestic and international tourist volumes. The main factors for growth were government initiatives, and efforts to promote the country’s travel and tourism sector on an international level. Timetric expects growth to continue over the forecast period (2014?2018), driven by government initiatives to promote tourism through participation in international events and promotional campaigns in key source markets such as the US and China. Infrastructure development, road shows and tourist attraction development will also contribute to the growth.
The report provides detailed market analysis, information and insights, including:
- Historic and forecast tourist volumes covering the entire travel and tourism sector in Hong Kong
- Detailed analysis of tourist spending patterns in Hong Kong for various categories in the travel and tourism sector, such as accommodation, sightseeing and entertainment, foodservice, transportation, retail, travel intermediaries and others
- Detailed market classification across each category, with analysis using similar metrics
- Detailed analysis of the airline, hotel, car rental and travel intermediaries industries
This report provides an extensive analysis related to the tourism demands and flows in Hong Kong:
- It details historical values for Hong Kong's tourism sector for 2009–2013, along with forecast figures for 2014–2018
- It provides comprehensive analysis of travel and tourism demand factors, with values for both the 2009–2013 review period and the 2014–2018 forecast period
- The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in Hong Kong.
- It provides comprehensive analysis of the trends in the airline, hotel, car rental and travel intermediaries industries, with values for both the 2009–2013 review period and the 2014–2018 forecast period.
Reasons to Buy
- Take strategic business decisions using historic and forecast market data related to Hong Kong's travel and tourism sector.
- Understand the demand-side dynamics within the travel and tourism sector in Hong Kong, along with key market trends and growth opportunities.
Know more about this report at : http://www.marketresearchreports.com/timetric/travel-and-tourism-hong-kong-2018
- Hong Kong has emerged as a fast-growing tourism destination in Asia due to its mix of Chinese and western culture, places of historical interest, shopping malls and amusement parks. Its main tourist attractions are the Avenue of Stars located on the Tsim Sha Tsui promenade; the Hong Kong Disneyland (HKD) theme park; Ngong Ping 360, which includes a cable car ride and a Buddhist-themed village; and Ocean Park, a marine theme park. Other popular attractions are Victoria Harbor, the Symphony of Lights, the Skyscrapers Show, Victoria Peak, Golden Bauhinia Square, Tai Sin Temple and the Hong Kong Wetland Park. In 2013, 440,000 tourists visited Hong Kong Wetland Park, of which 61,000 were from overseas.
- International arrivals were a major contributor to Hong Kong’s tourism sector, with total inbound tourism expenditure recorded at HKD343.1 billion (US$44.2 billion) in 2013, compared to domestic tourism expenditure of HKD40.1 billion (US$5.2 billion) in the same year. International tourist arrival were higher at with 25.6 million 2013, in comparison with domestic tourist volumes of 247,140.
- Domestic tourist volume posted a review-period CAGR of 5.66%, with the total number of domestic trips rising from 198,300 in 2009 to 247,140 in 2013. An increase in mean household income and spending power spurred the demand. Total domestic tourist expenditure recorded a review-period CAGR of 6.98%, increasing from HKD30.6 billion (US$3.9 billion) in 2009 to HKD40.1 billion (US$5.1 billion) in 2013.
- International arrivals to Hong Kong recorded a review-period CAGR of 10.96%, with the volume of inbound tourists increasing from 16.9 million in 2009 to 25.6 million in 2013. Inbound tourist expenditure increased at a CAGR of 14.56%, from HKD199.2 billion (US$25.7 billion) in 2009 to HKD343.1 billion (US$44.2 billion) in 2013. The growth in international arrivals and expenditure can be attributed to the government’s promotional efforts through participation in international events.
- The volume of outbound tourists is expected to post a forecast-period CAGR of 2.3%, driven by relaxed visa regulations, free trade relations and an increase in spending power. Airlines are expected to record the highest forecast-period CAGR of 3.3%, driven by development projects undertaken by government to improve airport infrastructure.
- Hong Kong’s aviation market performed well during the review period, with total revenue increasing from HKD95.2 billion (US$12.3 billion) in 2009 to HKD154.2 billion (US$19.9 billion) in 2013, at a CAGR of 12.82%. Robust growth was recorded in all categories, with low-cost carriers (LCCs) posting the highest review-period CAGR of 20.77%, followed by full-service airlines with 12.60% and charter airlines with 11.88%. The growth of LCCs can be attributed to the launch and expansion of carriers such as Jetstar in August 2013 and Hong Kong Express Airways in October 2013.
- Hong Kong’s hotel market profited from an increase in the number of domestic and international visitors during the review period. The number of hotel establishments in the country increased from 167 in 2009 to 225 in 2013, with the number of rooms recording a review-period CAGR of 4.10%. Total hotel revenue increased at a CAGR of 18.99% from HKD25.9 billion (US$3.3 billion) in 2009 to HKD51.9 billion (US$6.6 billion) in 2013, with budget hotels recording the highest growth in revenue at a robust CAGR of 21.44%. Midscale hotels registered the highest growth in the number of guests with a CAGR of 10.19%. Demand for affordable lodging and an increase in the demand for meetings, conferences and exhibitions were the main reasons behind the growth of midscale and budget hotels.
- Timetric expects the car rental value is expected to reach HKD212.2 million (US$27.4 million) in 2018, representative of a forecast-period CAGR of 13.08%, driven by a projected increase in international and domestic tourist volumes, promotional offers, discounts and incentives.
- Hong Kong’s travel intermediaries market value increased at a review-period CAGR of 12.95% to reach HKD231.8 billion (US$29.8 billion) in 2013. Tourism packages recorded the highest review-period CAGR of 13.36% and accounted for 76.3% of the total revenue generated by travel intermediaries in 2013. An increase in the demand for tourism packages can partly be attributed to promotional offers and package deals launched by travel intermediaries, such as discounted hotel rates with flights, cashback offers to credit card holders, and a free day’s car rental with certain bookings.
Spanning over 148 pages, “Travel and Tourism in Hong Kong to 2018” report covering The Travel and Tourism Sector In Context, Country Fact Sheet, Tourism Flows, Airlines, Hotels, Car Rental, Travel Intermediaries, Tourism Board Profile, Airport Profiles, Company Profiles – Airlines, Company Profiles – Hotels, Company Profiles – Car Rental, Company Profiles – Travel Intermediaries, Market Data Anlaysis, Appendix. The report covered companies are - Cathay Pacific Airways Limited, Hong Kong Airlines Ltd., China Airlines Hong Kong, China Eastern Airlines Hong Kong, Thai Airways Hong Kong, Dorsett Hospitality International Limited, Harbour Plaza Hotel Management Marriott International, Inc. (Hong Kong), Intercontinental Hotels Group Hong Kong, Regal Hotels International Holdings Ltd., Kuoni Travel (China) Limited, China Travel Service (Hong Kong) Limited, Hong Thai Travel Services Ltd., Travel Expert Asia Enterprises Ltd., Zuji Limited Hong Kong, Hertz Rent A Car Hong Kong, AVIS Hong Kong, HAWK Rent A Car, Rich Wheel Company, Regent Limousine Service Ltd.
Find all Country Overview (Travel and Leisure) Reports at: http://www.marketresearchreports.com/country-overview-travel-leisure
Find other Reports on Hong Kong market at: http://www.marketresearchreports.com/countries/hong-kong
About Market Research Reports, Inc.
Market Research Reports, Inc. is the world's leading source for market research reports and market data. We provide you with the latest market research reports on global markets, key industries, leading companies, new products and latest industry analysis & trends.
Follow us on Facebook : http://www.facebook.com/Market.Research.Report