The Hong Kong tourism market is anticipated to reach US$ 41.5 Billion in 2032, likely to surge at a robust 10% CAGR during the projection period of 2022 to 2032.
The tourist sector plays a significant role in Hong Kong’s economy. The number of visitors from China has been declining since 2014, which has caused a slowdown in the Hong Kong tourism sector.
Additionally, there is growing competition from Chinese visitors who travel to places like Europe and Japan. To become one of the most popular tourist destinations, Hong Kong’s government is, however, working to create new tourism attractions.
Hong Kong, with its vibrant culture, stunning skyline, and unique blend of East-meets-West, stands as a prime destination in the global tourism market. To enhance engagement and attraction, innovative marketing strategies play a pivotal role. Luxury hotels, in particular, can leverage these tactics to create a distinctive appeal.
Gain In-Depth Knowledge with a Report Sample Request:
https://www.futuremarketinsights.com/reports/sample/rep-ap-3004
Key Trends in the Hong Kong Tourism Market
The Hong Kong tourism market is a dynamic and ever-evolving sector that plays a crucial role in the region’s economic landscape. In recent years, several key trends have emerged, shaping the industry and influencing the preferences of both domestic and international travelers.
- Rise of Sustainable Tourism: One significant trend is the increasing focus on sustainable tourism. Travelers are becoming more environmentally conscious, seeking eco-friendly accommodations, and engaging in activities that promote responsible tourism. Hong Kong is responding by promoting green initiatives, encouraging sustainable practices among businesses, and introducing eco-friendly attractions.
- Digital Transformation: The digital revolution has transformed the way tourists plan, book, and experience their trips. Hong Kong has embraced digitalization by enhancing online platforms, implementing smart technologies in transportation and accommodation, and leveraging data analytics to personalize tourist experiences. The integration of virtual reality and augmented reality is also gaining momentum, offering innovative ways to explore the city.
- Cultural and Heritage Tourism: With a rich history and vibrant cultural scene, Hong Kong is witnessing a surge in cultural and heritage tourism. Travelers are seeking authentic experiences, exploring historical sites, traditional festivals, and local customs. The government and businesses are investing in preserving cultural heritage, restoring historical landmarks, and organizing events that showcase Hong Kong’s unique identity.
https://www.futuremarketinsights.com/request-report-methodology/rep-ap-3004
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube