New Normal for the Tourism Industry in 2024: Rethinking and Relaunching!
Since the beginning of 2023, Japan, Thailand, and other countries have relaxed their entry restrictions, leading to a surge in Hong Kong residents traveling abroad due to herd mentality.They flocked to Japan for shopping and indulged in hot springs.
However, after this initial wave, the enthusiasm for outbound travel cooled down slightly, and domestic tourism gained momentum.
Will Mainland Chinese tourists no longer flock to Hong Kong?
Before the pandemic, mainland Chinese tourists significantly drove local consumption, and receiving mainland tour groups was a major source of income for many jewelry, gold, and high-end dried seafood stores.
Although the borders between the two regions have now reopened, businesses have reported that the influx of mainland Chinese tourists to Hong Kong is not as high as expected.
According to media reports, during the recent “Golden Week” holiday, the number of mainland Chinese tourists entering Hong Kong dropped by nearly 40% compared to pre-pandemic levels.
Additionally, the fluctuation in the exchange rate between the Chinese yuan and Hong Kong dollar has made tourists more conservative in their spending. The previous trend of lavish buying and purchasing luxury brands has diminished.
As consumer habits change, the itineraries of visitors to Hong Kong have also changed significantly. There is a rise in low-cost or free activities, such as taking photos at MTR stations, street signs, or in front of old police stations, as well as visiting Wong Tai Sin Temple and treasure hunting in Sham Shui Po.
Mainland Chinese online platforms even provide guides on “How to Spend a Day in Hong Kong for HKD 100,” reflecting that extravagant shopping tours from mainland China are no longer the mainstream.
Emphasis on attracting local visitors
It is evident that the trend of Hong Kong residents traveling to mainland China for consumption has been increasing rather than decreasing in recent months, especially during holidays.
A popular choice is a three-day-two-night trip to popular commercial districts, where people can enjoy various dining, entertainment, and recreational activities.
For example, the “Guangzhou R&F Ski World” covers an area of approximately 75,000 square meters and offers skiing and snow activities throughout the year. They also offer skiing instructor courses and exams certified by the Canadian Association of Snowboard Instructors/Canadian Ski Instructors’ Alliance, attracting skiing enthusiasts of different levels.
Consequently, there is an increased demand for private car hire services between Shenzhen and Hong Kong, providing seamless travel itineraries, accommodation arrangements, and point-to-point transportation to cater to the needs of families.
When the overall environment cannot be changed, it is crucial for the tourism industry to upgrade its services and avoid simply adjusting and relaunching outdated tour packages. It is recommended to first understand the industry trends and develop attractive services targeting the desired customer base.
There are various forms of business collaborations, and it is advisable to seek the advice of professional accountants to tailor the most ideal tax planning strategies.
With the right people and the right actions, everyone can become an expert.
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