The hong kong tourism market is expected to reach US$ 41.5 Billion in 2032, likely to surge at a vigorous 10% CAGR during the forecast period of 2022 to 2032
he tourism industry is a major contributor to the economy of Hong Kong. Since 2014, growth of tourists from China has decreased, due to which the Hong Kong tourism industry is facing a slowdown.
Also, competition is increasing from destinations such as Europe and Japan, which are frequented by Chinese tourists. However, the government in Hong Kong is taking measures to develop more tourist attractions, thus making Hong Kong one of the most popular tourist destinations.
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Hong Kong Tourism: Drivers and Restraints
Tourists from China constituted the largest group of visitors to the Hong Kong Special Administrative region. This is both a driver and a restraint to the Hong Kong tourism market. Chinese visitors come to the Hong Kong region in order to enjoy the duty free shopping and travel in a world class infrastructure and having not to face the language or other cultural shocks that they may face while travelling in a western country.
However, visitors from China to Hong Kong have been declining since a couple of years due to the recent unrest in the Hong Kong Special Administrative Region for self-rule and tensions with the Chinese population. This unrest has taken its toll on the tourist numbers from the China region.
However, the reputation of Hong Kong as an international financial centre and a preferred destination for regional conferences and conventions has the potential to rebound the negative fall back of the declining tourists from the China region.
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Hong Kong Tourism: Spend Analysis
As per the figures released by the World Travel and Tourism Council, in the year 2014, the direct contribution of travel and tourism to the GDP of Hong Kong stood at HKD 204.6 Bn that comprised 9.1% of the total GDP of the region, and this is likely to show an increase by 3.5% per annum during the 10-year period of 2015-2025 and reach a figure of HKD 293.2 Bn – and this will comprise 9.5% of the total GDP of Hong Kong in the year 2025.
As per the same source, in the year 2014, visitor exports generated an amount of HKD 366.6 Bn that comprised 7.5% of the total exports of Hong Kong. Visitor exports are forecasted to increase by 3.6% per annum during the 10-year period of 2015-2025 and reach a figure of HKD 527.8 Bn in the year 2025 and this will comprise 6.6% of the total exports of Hong Kong.
As per the figures released by the Tourism Commission – The Government of Hong Kong Special Administrative Region in the year 2015, a total number of 59.3 million international tourists were received by Hong Kong that represented a decline of 2.5% over the figures of the year 2014.
In the year 2015, China continued to be the source of the largest foreign tourist market, with over 40 million arrivals that accounted for over 75% of the total foreign tourists’ arrival. This represented a decline of 3% over the corresponding figures of the year 2014.
The overnight visitor per capita spending in the year 2015 amounted to HKD 7234, which represented a decline of 9.1% from the corresponding visitor per capita spending in the year 2014. Average length of stay of overnight visitors was 3.3 nights in the year 2015, which remained the same for the year 2014 as well.
Key Companies Profiled:
- Expedia
- Trip Advisor
- Any Tours
- Rome 2 Rio
- Faces of Hong Kong Ltd.
- Luxe Travel Hong Kong
- Great Ocean Tours and Travel Limited.
- Cox and Kings
- Fortune Package Tour Operator
- Thrillophilia
- Thomas Cook
- Romania Tour Store
- Tour My India
- Affordable Tours
- Tour Radar
- G Adventures
- TUI China
- World Expeditions
- Others
Key Segments Profiled in the Hong Kong Tourism Market Survey
By Purpose:
- Adventure
- Vacation
- Business
- Others
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Consumer Orientation:
- Men
- Women
- Children
By Tour Type:
- Independent Traveler
- Tour Group
- Package Traveler
By Tourism Type:
- Domestic
- International
By Age Group:
- 15-25 years
- 26-35 years
- 36-45 years
- 46-55 years
- 56-65 years
- 66-75 years
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