Asian Pacific Tourists Industry Expected to Reach $4.6 Trillion
May 07, 2008
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The Asia Pacific region is expected to reach $4.6 Trillion by 2012 as tourists inflow is rising in the region and economic crisis in the US, says PATA.
According to the Pacific Asia Travel Association (PATA), the total revenue earned by tourism industry of Asia Pacific is expected to reach $4.6 Trillion as tourist inflow in China is expected to reach 500 Million by 2010, as reported by Xinhuanet
PATA recently released, Asia Pacific Tourism Forecasts 2008-2010, in coordination with Singapore Tourism Board (STB), which says that in spite of economic crisis in the US, the tourism industry of the region has a bright future. China and South Korea will give fillip to the tourism industry. PATA estimated robust annual growth from 7% to 8% for the region.
According to the industry experts, value depreciation in dollar will encourage American to plan visit to Asian countries instead of Europe. In fact, Euro outstripped majority of Asian currencies except Thailand’s Baht and Japan’s Yen though greenback in 2008. Singapore, Malaysia and Thailand are some of the Asian countries that offer world-class tourism facilities at reasonable rates. Besides, these countries are also famous for their exotic sea beaches which tourists like most.
Moreover, staying accommodation like hotels and resorts are developing fast in the region, which is also contributing to the growth in the industry. Hotel infrastructure is rapidly developing in China and India along with fast development in casino resorts in Singapore. Besides, the growth in the Asia Pacific tourism industry is also boosted by air liberalization and increasing air services among countries. International events like Beijing Olympics 2008 and 2010 World Expo in 2010 will also draw tourist in the region.
Nevertheless, some Asian countries internal political conflicts are hampering growth in the industry. Sri Lankan tourism industry is facing heat of political conflict in the country and is expected to reduce by 3.6% yearly on an average. Also, rising oil prices marginalizing benefits of the aviation industry, credit crunch in the US and its impact on other economies are hurting the tourism industry in the region.
According to a research analyst at RNCOS, “The Asia Pacific tourism industry is the most vibrant tourism industry in the world because two third of tourists come from here. The industry will get to see good time in future as tourism infrastructure is developing, US dollar declining and some international events will attract tourists from across the world.”
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