Hong Kong outbound tourism market is estimated to reach USD 483.0 Millionin 2022. Sales in the Hong Kong outbound tourism market are expected to increase at a robust 8.5% CAGR from 2022 to 2032. With growing zest among millennials for wanderlust, the Hong Kong outbound tourism market is set to be valued at USD 1,088.0 Million by 2032.
A fresh program that is set to dramatically uplift the China tourism market is being planned in South China. A region dubbed the Greater Bay Area will consist of nine cities and two special administrative regions (SARs). The Greater Bay Area program seeks to facilitate the flow of people, capital, and goods while distributing wealth to the region's less-developed cities by exploiting the capabilities of various cities and regions.
The Greater Bay Area Initiative also seeks to establish Bay Areas similar to Tokyo, New York, and San Francisco. The Bay Areas are economic zones, which have developed their own brand via participation in international competitions.
Residents of Hong Kong and Macau will have more options to live and work on the mainland owing to this novel initiative. Positive tax, financial aid, travel, and public services access agreements would also be made under this initiative. If the Greater Bay Area proposal is carried out as intended, it could benefit Hong Kong.
The program has the potential to boost the economy throughout the Greater Bay Area, thereby increasing consumer spending power. Therefore, Hong Kong citizens may have more money available for international trips. This factor is likely to push the Hong Kong outbound tourism market in the next ten years.
Moreover, in Hong Kong, there are numerous issues with air quality. The main sources of air pollution in Hong Kong are power plants, motor vehicles, and ships. The Hong Kong government updated its 2025 air quality goals in 2019.
Environmental advisory groups have since questioned the aims for not being based on the ultimate goals of the World Health Organization (WHO). If Hong Kong citizens are aware of the negative health effects, the city's air quality and pollution levels may serve as motivating factors. When marketing to tourists from Hong Kong, the fact that many of the countries are renowned for having clean air can be leveraged as an advantage.
Another favorable aspect of attracting tourists to Hong Kong is its climate. Due to the extreme heat and humidity throughout the summer, Hong Kong's subtropical climate may serve as a draw for tourists.
With its warm summers and chilly winters, the climate of the Nordic nations can seem like a pleasant option. When luring visitors from Hong Kong, it can be advantageous to highlight the lovely autumns and snowy winters that do not occur there. These factors are expected to thus propel the Hong Kong outbound tourism market in the next decade.
Seniors are the most prominent outbound travelers in Hong Kong. They travel overseas to primarily visit their family members working in other countries. Also, rising urbanization and the effect of globalization have resulted in a significant increase in senior delegates handling collaborations, partnership deals, and various business-related issues across the globe.
| Attributes | Key Insights |
|---|---|
| Honk Kong Outbound Tourism Market Estimated Size (2022E) | USD 483.0 Million |
| Projected Market Valuation (2032F) | USD 1,088.0 Million |
| Value-based CAGR (2022 to 2032) | 8.5% |
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Hong Kong is exceptional in terms of performance in the outbound travel sector. In terms of global tourism spending in 2017, Hong Kong came in at number ten, according to the United Nations World Tourism Organization (UNWTO). One of the world's most crowded cities is Hong Kong. Additionally, there is a dearth of domestic tourism, and Hong Kong residents frequently decide to spend their vacations elsewhere.
Furthermore, Hong Kong residents have high disposable income. It has the fourth-highest GDP per capita in Asia. Traveling internationally is being made simple by the virtue of Hong Kong's strategic position and first-rate transit system. Outbound travel can be made easier owing to Hong Kong's exceptional integrated transportation system. There are more than 100 airlines, and they fly to more than 220 locations across the world on over 1,100 flights every day.
English is the secondary language in Hong Kong, and the majority of residents have special administrative region (SAR) passports, which grant them visa-free travel to 162 nations and territories worldwide. In addition to that, neither Hong Kong's citizens nor its currency is subject to government supervision when they leave the region.
These factors contribute to the growing number of Hong Kong citizens who travel domestically and internationally for business and leisure. Backed by the aforementioned factors, the Hong Kong outbound tourism market is projected to exhibit growth at a CAGR of 8.5% in the forecast period from 2022 to 2032.
High Population Density to Encourage People to Opt for Outbound Transportation
Hong Kong is one of the most well-liked trip destinations on the globe, and excessive tourism is making the city's population congestion much worse. Despite being just regular residential districts, Kwa Wan, Hung Hom, and Tung Chung have witnessed a rising number of tourists during the spring of 2019.
Between 5000 and 6000 people visit Hung Hom each day. Although Hong Kong's high population density is a drawback for locals, it is a boon for the outbound travel industry. Hong Kong residents who desire to escape the stressful environment could be encouraged by the high population density. These factors are projected to fuel the Hong Kong outbound tourism market in the forecast period.
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Along with Paris and Singapore, Hong Kong was named the most expensive city in the world in 2019. The Economist Intelligence Unit conducts the Worldwide Cost of Living Survey, which examines over 400 different prices for 160 different goods and services. The study's World Cost of Living (WCOL) index for Hong Kong was 107.
The index is contrasted with the 100-point New York index. The Hong Kong outbound tourism market will suffer greatly if the cost of lodging and other requirements in the country continues to rise. The cost of living in Hong Kong is rising, which will put some residents in financial difficulty. Owing to the above-mentioned factors, the Hong Kong outbound tourism market is set to be hampered to a certain extent.
Government in Japan to Allow Visa-free Entry and Expand the Outbound Marketing Industry
Japan was the most popular travel destination for Hong Kong-based tourists despite having some of the strictest COVID-19 border controls. The country anticipates a spike in the number of visitors from Hong Kong in the next ten years. Following the implementation of the 3+4 travel system, there has already been a considerable increase in terms of visa applications, even if the city keeps its hotel quarantine norms stringent for foreign visitors.
Currently, all entrants must comply with the city's liberal COVID-19 entry requirements for out-of-country visitors, which include three days of quarantine in a hotel and four days of house surveillance with restricted citywide movement. The announcement of a seven-day home surveillance period in place of hotel quarantine is anticipated.
Moreover, the Japanese government declared that starting on October 11th, 2022, independent travelers will be able to enter Japan without a visa. Thus, favorable government policies revolving around tourism in Japan would attract more people, thereby boosting the Hong Kong outbound tourism market.
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Tourists Belonging to 36-45 Years and 46-55 Years to Prefer Outbound Travel
Travelers belonging to the age groups of 36-45 years and 46-55 years are expected to opt for international travel more than the other age groups. Travelers from Hong Kong often prefer to visit numerous destinations to discover, learn, and adapt to various cultures and religions. The trend is anticipated to grow significantly in the upcoming decade. Moreover, rising trends of ecotourism, cultural heritage tourism and other trends in the tourism industry are set to fuel the Hong Kong outbound tourism market across all age groups.
Online Booking to be the Most Preferred by Outbound Tourists in Hong Kong
Online booking is very popular among Hong Kong-based tourists. An average citizen of Hong Kong spends around 6 hours per day on the internet, and hence the online booking segment has grown on a decent scale in recent times. Meanwhile, online booking channels offer multiple tour packages with a detailed descriptions of tours. Considering public reviews and comparison with competitor tour providers would also help to boost sales in the Hong Kong outbound tourism market.
Travel agencies present in the Hong Kong outbound tourism market are adopting various innovative strategies to attract the group of travelers belonging to the age group of 56-65 years by providing a hassle-free process for booking tours and convenience throughout the journey. These players are also providing discounts on early bookings and tour packages.
Additionally, in 1988, the Hong Kong Outbound Operators' Association (OTOA) was founded. Since its founding, OTOA has provided sincere and devoted service to its members. It offers members a good platform for win-win cooperation with the airline, hotel, cruise agencies, distribution systems, and business partners for enabling business networking and increasing the capacities of travel agencies through various types of tour inspections, seminars, and exchange events.
For instance:
Expedia Group and TripAdvisor Making It Possible for Tourists in Hong Kong to Look at the World with a New Perspective
Expedia Group is a global platform that facilitates travel for everyone, everywhere. The company's primary aim is that travel is a force for good and it helps individuals see the world in new ways & form long-lasting connections. The company offers industry-leading digital solutions to promote partner development and success, while also facilitating outstanding travel experiences. Brand Expedia, Hotels.com, Expedia Partner Solutions, Vrbo, trivago, Orbitz, Travelocity, Hotwire, Wotif, ebookers, CheapTickets, Expedia Group Media Solutions, Expedia Local Expert, CarRentals.com, and Expedia Cruises are some of the Expedia Group's brands.
In September 2022, Expedia Group introduced its new global social impact and sustainability strategy to drive a responsible, open, and accessible travel ecosystem for all. The Open World social impact and sustainability strategy, which combines the company's mission, purpose, and values with its traveler-centric mindset, is focused on three priorities: increasing access for underserved travelers, democratizing the travel economy, and innovating sustainable solutions for the future of travel.
Another key player is TripAdvisor, Inc., which is an American online travel firm that provides a website, mobile app, and comparative shopping website with user-generated content. It also delivers online hotel reservations and transportation, housing, vacation experiences, and restaurant reservations.
TripAdvisor stated that Hong Kong is one of the Asia Pacific region's top outbound tourism producers, with outbound travel increasing from 1.8 million in 1989 to 4.8 million in 2001. The company conducted a study to look at Hong Kong citizens' preferences for outbound leisure travel destinations. Nearly 292 Hong Kong-based people participated in in-depth personal interviews. Similarly, in February 2022, TripAdvisor announced that its traveler community has helped the firm to hit a significant and historic internet milestone: 1 billion reviews and opinions.
| Attributes | Details |
|---|---|
| Estimated Market Size (2022) | USD 483.0 Million |
| Projected Market Valuation (2032) | USD 1088.0 Million |
| Value-based CAGR (2022 to 2032) | 8.5% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD Million) |
| Key Regions Covered | Asia |
| Key Countries Covered | Hong Kong |
| Key Segments Covered | Purpose, Booking Channel, Tour Type, and Age Group |
| Key Companies Profiled | Expedia; Trip Advisor; Any Tours; Rome 2 Rio; Thrillophilia; Thomas Cook; Romania Tour Store; Tour My India;Affordable Tours; Tour Radar; Explore; G Adventures; TUI China; World Expeditions |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The Hong Kong outbound tourism market is anticipated to reach a valuation of USD 483.0 Million in 2022.
The Hong Kong outbound tourism market is set to grow at an 8.5% CAGR during the forecast period.
Some of the leading players in the Hong Kong outbound tourism market are World Expeditions, Expedia, Trip Advisor, Any Tours, Rome 2 Rio, Thrillophilia, Thomas Cook, Romania Tour Store, Tour My India, Affordable Tours, Tour Radar, Explore, and G Adventures among others.
Japan is set to remain at the forefront of the Hong Kong outbound tourism market during the forecast period.
Online booking channels are expected to be mainly preferred in the Hong Kong outbound tourism market during the forecast period.
1. Executive Summary | Hong Kong Outbound Tourism Market 2. Market Introduction 3. Global Tourism Industry Analysis 4. Market Dynamics 5. Market Background 5.1. Top 10 Market Companies 5.2. Macro-Economic Factors 5.2.1. GDP Growth Outlook 5.2.2. Industry Value Added 5.2.3. Consumer Spending Outlook 5.2.4. Direct contribution of Travel & Tourism to GDP 5.2.5. Visitor Exports and International Tourist Arrivals 5.2.6. Capital Investment In Travel & Tourism 5.2.7. Top Tourism Spending Countries 5.3. Forecast Factors - Relevance & Impact 6. Categorizing of Market 2022 6.1. Current Market Analysis By Purpose (% of Demand) 6.1.1. Business 6.1.2. Leisure 6.1.3. VFR 6.1.4. Others 6.2. Current Market Analysis By Booking Channel (% of Demand) 6.2.1. Phone Booking 6.2.2. Online Booking 6.2.3. Direct Booking 6.3. Current Market Analysis By Tour Type (% of Demand) 6.3.1. Independent Traveller 6.3.2. Tour Group 6.3.3. Package Traveller 6.4. Current Market Analysis By Age Group (% of Demand) 6.4.1. 15-25 Years 6.4.2. 26-35 Years 6.4.3. 36-45 Years 6.4.4. 46-55 Years 6.4.5. 56-65 years 6.4.6. 66-75 Years 7. Competition Analysis 7.1. Expedia 7.2. Trip Advisor 7.3. Any Tours 7.4. Rome 2 Rio 7.5. Thrillophilia 7.6. Thomas Cook 7.7. Romania Tour Store 7.8. Tour My India 7.9. Affordable Tours 7.10. Tour Radar 7.11. Explore 7.12. G Adventures 7.13. TUI China 7.14. World Expeditions 7.15. Others (as per request) 8. Assumptions and Acronyms Used 9. Research Methodology
Travel and Tourism
March 2024
REP-GC-3513
315 pages
Travel and Tourism
March 2024
REP-GB-3740
315 pages
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Hong Kong Outbound Tourism Market
