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Tourism recovery in Asia Pacific - February 2024
Tuesday, 20th February 2024
Source : AP Hospitality Advisors

Due to the later reopening of borders in Asia Pacific, the tourism recovery of key countries ranged from the low fifties to the high seventies, while monthly visitor arrivals to Japan already surpassed pre-pandemic figures for three consecutive months.

Hong Kong, on the other hand, also reported a strong recovery in December compared to the levels of 2019. However, it’s still far behind its peak in 2018.

Tourism News in Asia Pacific

Indonesia

International visitor arrivals to Indonesia reached 11.6 million in 2023, approximately 72.5% of the levels in 2019. The number surpassed the targets of 7.4 million and 8.5 million set by the Tourism and Creative Economy Ministry.

Tourists from Malaysia (18%), Singapore (16%), and Australia (12%) dominated the inbound tourism, and China only accounted for 6.6% of total arrivals, the fourth largest source market.

The government aims to reach 17 million international visitors to Indonesia with revenue of Rp 200 trillion ($12.9 billion) in 2024, after a robust recovery in 2023. At the same time, the government plans to extend its visa-free policy to visitors from 20 countries and regions, including Australia, China, India, Korea, Japan, Taiwan, New Zealand, and a number of other countries in the Middle East and Europe.

It is expected that visitors from these countries will spend $5,000 during their stay, and the total additional revenue of $20–25 billion will come along with the new policy in the long term.

Thailand

Over 28 million international visitors to Thailand were recorded in 2023, reaching 72.8% recovery of pre-pandemic levels in 2019. Malaysia (16%), China (13%), and Korea (6%) were the top three feeder markets in 2023, while the number of Chinese visitors failed to reach the initial target of 4.4 million.

After PM Srettha Thavisin took office in August 2023, the government waived visas for travellers from China, Russia, Kazakhstan, India, and Taiwan and made efforts to revive the tourism industry after the pandemic.

In 2024, the government expects the recovery to reach 35 million international visitors, including 8.2 million from China and 2.5 trillion baht in international tourism revenue. Thailand and China agreed on a bilateral deal to waive visa requirements starting next month, and it is expected to further boost Thailand's tourism.

Vietnam

Vietnam welcomed 12.6 million international visitors in 2023, approximately 70% of the pre-pandemic levels recorded in 2019. South Korea remained the largest feeder market, accounting for 29%, followed by mainland China (13%) and Taiwan (7%).

While the annual visitor number surpassed the initial target of 8 million set at the beginning of 2023, international visitors to Vietnam remained limited due to its visa restrictions. As of February, only citizens from 13 countries, including Russia and Korea, are exempt from the visa requirement.

In 2024, Vietnam is confident of setting its goal of 17–18 million international visitor arrivals as well as 110 million domestic visitors. The total revenue from tourism is expected to reach VNĐ840 trillion (US$34.4 billion) at the same time. The recovery is likely to align with the United Nations World Tourism Organisation's (UNWTO) estimate that international tourism will return to pre-pandemic levels by 2024.

AP Hospitality Advisors serves owners, investors, developers, operators and lenders of hospitality assets across Asia-Pacific. The team blends expertise in operations, real estate and finance to support any critical step in the asset life-cycle.

www.ap-ha.com

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