TO DISCUSS YOUR PROJECT OR LEARN MORE ABOUT OUR SERVICES:

  • This field is for validation purposes and should be left unchanged.

Tourism and Investment Update Where Is The Turning Point?

Category: Tourism, Posted:11 Jun 2009 | 10:06 am

Attending the just concluded International Hotel Investment Forum (IHIF) in Macau it was interesting to view the opinions of a wide range of experts on just where is the turning point to the current economic and tourism downturn. Airlift remains a critical barometer for travel be it business or leisure with IATA now forecasting for 2009 a worldwide loss for airlines of US$9 billion with Asia tallying in at US$3.3 billion.
The regions economic engines are leveraged highly on export driven GDP with 32% of this being attributed to the export market. Seeing the US and Europe in decline, there are some expectations that Asia may bounce back faster than the west. Though a lag on unemployment, which is continuing to mount regionally, is expected to move into double-digit territory, thus causing long term angst.
For tourism Korea set an amazing staged recovery with the won devaluing at exactly the same time the Japanese yen was appreciating, the country threw opens its doors to its neighbor spurring a dizzying number of visitors who could not resist the unparalled buying power. Australia is seeing a major resurgence in travelers as a result of the depreciation of the Aussie dollar and giving value in what has been traditionally an expensive holiday market.
Hong Kong with long haul markets dropping has replaced that business with mainland Chinese and Taiwan visitors; while Malaysia and Indonesia grew with traffic redirected from Thailand after two airport closures and violent demonstrations.
Over the last month Bangkok is starting to see increases again in hotel room night demand, while in Phuket figures are sluggish; the future at least for the next 12-24 months looks to be in short haul markets and domestic tourism. China has been extremely proactive with the government even offering domestic discounts to its local market, which are being encouraged to travel within the PRC.
As so where the turning point is, for most its still early days and rather then a steep ascent there is a long sloping road ahead. With adversity all over the globe it's interesting to see some success stories emerge and what is continuing to be a connected universe as never before.

Other News

Read more

Sandbox Vaccine. Young Turks. Hotel PR Tips

Category: Tourism, Posted:10 May 2021 | 06:00 am Hey Monday. Late last week word was that the Phuket Sandbox remains on course, despite the current outbreak. Time will of course tell, as island hotels are reeling in what is nearly a travel lockdown to Phuket. With hotel occupancies in single digits and restaurants unable to serve alcohol, business levels are hitting pandemic lows. […]
Read more

Who’s Caesar And Phuket’s Fastest Growing Hotel Group

Category: Tourism, Posted:04 May 2021 | 06:00 am Welcome to the latest Thai Road Trip episodes from C9 Hotelworks and Delivering Asia Communications. Listen to the Executive Director of Jee Teng Hospitality talk shop and what’s next. We also get out the kitchen and into the dining room handcrafted tableside food service. Check these two now – Inside Story. A Phuket Hotel Group […]
Read more

Sandstorm In the Sandbox

Category: Tourism, Posted:03 May 2021 | 09:39 am All eyes this week locally are on the fate of the Phuket Sandbox which remains a work in progress. The second round of local vaccinations were planned to start this week but given Thailand’s third wave it’s unclear whether the process can move on the expected timeline due to vaccinations being deployed elsewhere in needed […]