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Tourism update for Asia Pacific - October 2024
Monday, 28th October 2024
Source : AP Hospitality Advisors

In terms of monthly inbound visitor arrivals in August, several countries and regions recorded a higher number than levels in 2018 or 2019.

Inbound visitors to Hong Kong surpassed the figure in Aug 2019 but remained 25% below its peak performance in Aug 2018.

Laos

To promote tourism in Laos, the Ministry had set 2024 as the Visit Laos year, targeting a total of 6.2 million tourists, including about 4 million foreign visitors.

According to the latest figures, Laos welcomed over 2.1 million foreign visitors in the first half of 2024. The largest feeder market, Thailand, contributed more than 680,100 visitors, accounted for 32% of the total during the period. Vietnam and China also contributed over 510,000 visitors each.

In July, Laos launched a visa exemption policy for tourists from certain countries. The temporary visa waiver is effective until the end of the year. Visas would be exempted for Chinese visitors, including those with Hong Kong, Macau, and Taiwan passports, traveling in groups with approved agencies. Citizens from eight eligible European countries would also enjoy visa exemption for tourism purposes for up to 15 days.

Malaysia

Setting an annual goal of 27.3 million international visitors for 2024, Malaysia welcomed a total of 16.45 million international visitors as of August. In August, the monthly figure surpassed the level in 2019, showing a strong recovery of inbound tourism in Malaysia.

Singapore was the largest feeder market with 5.77 million visitors, followed by Indonesia with 2.4 million and China with 2.29 million. The visa-free policy between China and Malaysia boosted the number of Chinese travellers to Malaysia, particularly during peak seasons.

Domestic travel in Malaysia is also booming in 2024, and 68.4 million visitors were recorded in the second quarter of 2024, a 24% growth from the first quarter. Domestic tourism expenditure also showed significant growth in the second quarter, recording 17% quarter-on-quarter growth at RM28.1 billion.

However, domestic travel in 2024 remained behind the levels in 2019, about 11% less on the number of tourists and 18% on expenditure.

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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