Travel growth expected in Asia-Pacific despite cooling demands
Online travel agent Booking.com predicts the Asia-Pacific region to have the fastest growth in bookings globally, even as travel demand cools post-high season. The company’s Managing Director for Asia-Pacific, Laura Houldsworth, anticipates a more steady growth rate, rather than the rapid rise seen in recent years.
Asia-Pacific posted an annual growth rate of 15-16% in bookings the previous year, largely fuelled by the Chinese market. Despite a slower recovery pace, China drove the region’s growth more than any other nation, according to Booking.com.
By contrast, Europe saw a 10% growth rate, while the US market stagnated. These trends are expected to persist this year, Houldsworth said.
“People are prioritising travel. It’s not seen as a luxury, but rather a way of life and something they say they really need.”
She believes there is significant potential for growth in China’s inbound and outbound markets. Thailand emerged as the most popular destination among Chinese travellers on Booking.com’s platform, following the implementation of a visa-free scheme between the two nations.
However, she noted that nations such as Cambodia and Laos are still not attracting many Chinese visitors.
Houldsworth stated that the recovery rate of China’s inbound and outbound travel sector would hinge on the resumption of international flights and the Chinese economic slowdown, which could potentially hinder outbound tourism.
Despite regional travellers’ confidence in travel, economic factors pose a significant barrier to booking trips, Houldsworth said.
“We don’t expect people to stop travelling, but they may look to get more for their money.”
She noted an increasing trend of travellers from Thailand and other Asian markets seeking to visit less expensive destinations than their countries of residence.
Booking.com website users are extending their booking window in search of deals, anticipating lower prices for accommodation and travel. Houldsworth then clarified that travellers are not compromising on their choice of properties to save money. They are simply on the lookout for bargains, reported Bangkok Post.
