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Hong Kong Tourism Report Q4 2010
Business Monitor International, Oct 2010, Pages: 52
Hong Kong Tourism Report provides industry professionals and strategists, corporate analysts, tourism associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Hong Kong's tourism industry.
Robust Start To 2010
Hong Kong arrivals data for 2010 has been robust so far, with a total of 11,420,999 visitors over the first four months of the year, an increase of 16% year on year (y-o-y). The Hong Kong Tourism Board (HKTB) said this was the first time the special administrative region (SAR) had welcomed more than 10mn visitors during the first four months of a calendar year. Looking at individual markets, arrivals from China were up by 18.5% over January-April, at 7,209,450, with arrivals from North Asia up by 19.1% at 720,320.
This strong start to the year has led us to revise upwards forecast for tourist arrivals in 2010. Beliefs that a 17-18% y-o-y growth forecast, up from 10%, is appropriate. This would mean that total tourist arrivals for 2010 should be around the 34.83mn mark. We have also made an upwards revision to the forecast for tourist expenditure in 2010, which is now US$25mn.
MICE Travel Soars
Business travel has got off to a strong start in 2010, especially the meetings, meetings, incentives, conventions and exhibitions (MICE) segment. Figures released by the HKTB in May 2010 show a 28.9% increase in MICE travel over Q110, to 281,787 visitors. Encouragingly for the SAR, arrivals were up from all over the globe. MICE arrivals from the Americas increased by 52.3% over the quarter; arrivals from Europe, Africa and the Middle East were up by 35.3%; and the number of tourists from South and South East Asia was up by 59.1%.
HKTB chair James Tien said he expects this upward trend in MICE travel to continue over the next few quarters. In 2009, the Meetings and Exhibitions Hong Kong office successfully secured hundreds of MICE events, which are expected to bring in over 150,000 people during 2010-2013.
Cathay Pacific Back In The Black
In March 2010, Cathay Pacific released its 2009 financial results. The airline made a profit attributable to shareholders of HKD4.69bn, compared to a loss of HKD8.69bn in 2008. Turnover fell by 22% to HKD66.98bn. Chair Christopher Pratt said he was ‘cautious’ about the airline’s prospects in 2010. ‘Revenues and yields remain below levels experienced prior to the recent downturn and there has not yet been a sustained improvement in the premium passenger demand, which accounts for a significant part of revenue.’
Nevertheless, he remained confident that the airline could face any future challenges, citing the relationship with Air China as one that ‘will bring many benefits in the years to come’. In February 2010, Cathay signed a framework agreement with Air China to establish a joint venture cargo airline. The two companies will use Air China’s subsidiary airline, Air China Cargo (ACC), as the platform for the venture. The total value of Cathay’s investment in the joint venture will come to CNY1.67bn.
Cathay’s monthly traffic figures continue to improve. In June 2010, the airline released the previous month’s combined traffic figures for Cathay Pacific and its subsidiary Dragonair. These showed a 12% annual increase for passenger carried during May to 2,183,623 passengers. The airlines carried a total of 158,600 tonnes of cargo and mail, up by 30% y-o-y. In the year-to-date, the airlines carried 10.74mn passengers, up by 5.3% y-o-y, and 723,065 tonnes of cargo and mail, up by 25.4% y-o-y.
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