The Hong Kong tourism market is estimated to reach USD 16 Billion in 2022. Sales are expected to increase at a robust 10% CAGR during the forecast period from 2022 to 2032. The market valuation is projected to reach USD 41.5 Billion by the end of 2032.
Every year, people from all over the world visit Hong Kong, yet the year 2021 saw only about 42,000 tourists. The reason was the risk of coronavirus infection and limitations on overseas travel.
People are starting to return to Hong Kong as the restrictions gradually loosen. As per Discover Hong Kong, nearly 2,692 visitors from January to July 2022 in the country had come from the USA and tourists with longer hauls were mainly from the USA in the same time period.
Tourists from the USA are expected to visit Hong Kong for its cultural diversity and infrastructural aspects. Ten thousand Buddha monastery, museums, and several festivals are the main attractions for tourists coming from the USA
Furthermore, Americans are anticipated to spend huge sums on leisure and luxury, and prefer to spend it on unique experiences rather than materialistic objects. These tourists select luxury trips with high-end destinations and accommodations. It would contribute to the country's economic prosperity. These spending habits are the result of a high disposable income and a high standard of life.
Rising number of tourists visiting the country, combined with the country's ever-increasing population, is exacerbating traffic congestion. Tourists are expected to grow in numbers in Hung Hom, Kwa Wan, and other residential districts in the evaluation period. Growing number of shopping malls and local attractions is anticipated to attract tourists to these locations. As a result, in order to spend their leisure time, the local population is looking for destinations in other countries.
Tourists from Hong Kong are visiting European countries, including Switzerland and the United Kingdom. According to a report published by VisitBritain, from 2009 to 2019, visits from Hong Kong to the UK surged by 141% in terms of visits and 254% in terms of spending. Increasing number of tourists from Europe is thus expected to be another major factor driving the Hong Kong tourism market.
| Attribute | Key Insights |
|---|---|
| Honk Kong Tourism Market Estimated Size (2022) | USD 16 billion |
| Projected Market Valuation (2032) | USD 41.5 billion |
| Value-based CAGR (2022 to 2032) | 10% |
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In the travel industry, Hong Kong is considered to be a special country. According to the World Tourism Organization (UNWTO), Hong Kong ranked tenth in terms of worldwide tourism spending in 2017.
Hong Kong is also one of the world's most congested cities. Furthermore, because domestic tourism is limited, Hong Kong residents typically choose to spend their vacations elsewhere. It would thus push Asia's fourth-highest GDP per capita. Because of Hong Kong's strategic location and first-rate transit system, international travel has become much easier. The remarkable integrated transportation system of Hong Kong makes travel easier than any other country.
The Hong Kong Tourism Board announced a 97.4% reduction in tourist numbers in 2021, as the industry's representatives requested the government to define the parameters for reopening the border with mainland China. As the tourism sector declined, so did the country's foreign exchange reserves, which would negatively impact tourism-related enterprises in the country.
Government and tourism board took collective efforts to accelerate the tourism industry in the next ten years. According to the board's figures, the number of arrivals fell from 3.6 million in 2020 to 91,398 in 2021, and the number of tourists was "near zero".
Presence of Various Museums Demonstrating Hong Kong’s Heritage & Culture Would Aid Growth
Tourist attractions in Hong Kong are the most important drivers of tourism. There are numerous attractions such as lively cities with parks, shopping complexes, market areas, and architecture, which provide visitors with an unforgettable experience.
In addition to modern structures, Hong Kong has natural trails and tracks that provide visitors the sense of natural beauty which would further encourage them to explore other parts of the country. In 2020, over 20,000 individuals visited the Hong Kong Museum of History, Museum of Science, and Museum of Heritage, thus demonstrating the country's interest in its cultural history.
Moreover, Hong Kong has several important destinations associated with Buddhism. The second-largest Buddha statue in Hong Kong, Po Lin Monastery, Man Mo Temple, and Wong Tai Sin Temple, are considered important and have increasingly experienced a surge in terms of tourists over the years. Apart from being popular, these areas also offer insight into the Hong Kong culture, which would attract many foreign tourists and boost the Hong Kong tourism market.
Rapid Development of Transportation Facilities in Hong Kong to Bolster Growth
Infrastructural development in Hong Kong is set to help the tourism industry to prosper in the next ten years. The new infrastructure upgrades are making it easier for businesses, local city folks, and those wishing to reside in Hong Kong to conduct their businesses. This has led to a considerable increase in cultural, eating, and commercial options in West Kowloon Cultural District in recent years, as well as the country’s largest investment in sports infrastructure.
Several infrastructural developments of transport routes have helped the Hong Kong tourism industry to grow at a rapid pace. The third runway of the Hong Kong International Airport is now complete, which will further increase the capacity to handle up to 100 million passengers annually. All these developments are expected to indirectly help the Hong Kong tourism market to grow by surging the number of international visits and foreign exchanges.
In Hong Kong, there are numerous issues with the air quality. The main sources of air pollution in the country are power plants, motor vehicles, and ships. The Hong Kong government updated its 2025 air quality goals in 2019. Environmental advisory groups have since questioned the ultimate goals of tourism based on the standards of the World Health Organization (WHO).
If Hong Kong citizens are aware of the negative health effects, the city's air quality and pollution levels may serve as motivating factors. These factors have led to the development of several attractions for tourism and received upgrades & improvements. These developments might also attract numerous tourists to such locations. Key tour agencies are likely to provide them with new and upgraded tourist attractions in Hong Kong.
People Belonging to the Age Group of 26-35 Years are Set to Opt for Hong Kong Travel
Based on age group, the 26-35 years and 46-55 years’ segments are projected to push sales in the Hong Kong tourism market during the forecast period. Millennials usually travel to Hong Kong for leisure and business purposes, whereas a large number of old people are nowadays traveling to the country to visit their friends and families. Youngsters are set to prefer experiences over luxury to create memories, which would thus attract new young tourists in Hong Kong.
Package Tour Agencies to Provide Options to Go to Tourist Spots in Central Hong Kong
Package tours are the most popular among tourists visiting Hong Kong, with almost 45% bookings are for package tours. Tourists are nowadays becoming more interested in these package offers since travel agencies provide options to go to numerous destinations near Hong Kong.
Travel agencies usually form groups of 10 to 15 people and offer them tours for a few days, which include lodging and one meal each day. These package tours are becoming popular among tourists since they are affordable for both travelers and travel companies.
Tourists to Prefer Online Booking Platforms to Visit Various Hong Kong Attractions
By booking channel, online booking is anticipated to generate the largest Hong Kong tourism marker share in the next ten years, with more than 75% of online bookings. An average citizen of Hong Kong spends around 6 hours per day on the internet. Hence, the travel e-commerce segment has grown on a decent scale in recent years. The number of promotional offers and discounts over websites are also encouraging online booking of tours.
Travel agencies all around the globe are using different marketing strategies to attract tourists and help them in creating a memorable & unique tour experience. The Hong Kong Tourism Board is also aiding tourists and tour organizers by providing essential information, including new events, attractions, cruises, and accommodations around the country. All these factors are helping in planning and executing a successful tour.
Several tourism companies are providing package deals with few popular destinations. They are also providing special offers on cruises and festival events that occur once in a year. They are striving to attract more tourists from across the globe by marketing tours on the official websites and social media.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 16 billion |
| Projected Market Valuation (2032) | USD 41.5 billion |
| Value-based CAGR (2022 to 2032) | 10% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD billion) |
| Key Regions Covered | East Asia |
| Key Countries Covered | Hong Kong |
| Key Segments Covered | Purpose, Booking Channel, Consumer Orientation, Tour Type, Tourism Type, and Age Group |
| Key Companies Profiled | Expedia; Trip Advisor; Any Tours; Rome 2 Rio; Faces of Hong Kong Ltd.; Luxe Travel Hong Kong; Great Ocean Tours and Travel Limited.; Cox and Kings; Fortune Package Tour Operator; Thrillophilia; Thomas Cook; Romania Tour Store; Tour My India; Affordable Tours; Tour Radar; G Adventures; TUI China; World Expeditions; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The Hong Kong tourism market reached a valuation of USD 12.8 Billion in 2021.
The Hong Kong tourism market is anticipated to grow at a 10% CAGR during the forecast period.
Leading players in the Hong Kong tourism market are Expidia, Trip Advisor, Any Tours, Rome 2 Rio, Faces of Hong Kong Ltd., Luxe Travel Hong Kong, Great Ocean Tours and Travel Limited., Cox and Kings, Fortune Package Tour Operator, Thrillophilia, Thomas Cook, Romania Tour Store, Tour My India, Affordable Tours, Tour Radar, Explore, G Adventures, TUI China, and World Expeditions among others.
The Hong Kong tourism market is set to be driven by the 26 to 35 years’ segment in the next ten years.
Based on booking channel, the online channel is expected to remain at the forefront in the Hong Kong tourism market during the forecast period.
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Hong Kong Tourism Market
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