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Hongkongers Show the Second Highest Propensity to Travel in Asia Pacific

January 24, 2017 Destination North Asia No Comments Email Email

Hongkongers showed the second highest propensity to travel in Asia Pacific, yet the city did not make the top 10 in terms of top outbound travel markets and fastest growing markets by international outbound trips for the next five years out of 17 Asia Pacific markets, according to the inaugural “The Future of Outbound Travel” report by Mastercard.

The city’s international outbound travel trips (excluding travel to China and Macau) are forecasted to grow by an average of 3.0 percent each year to reach 6.8 million trips by 2021. Hong Kong ranked 12th and 14th in Asia Pacific in terms of top outbound travel markets and fastest growing markets by international outbound trips (2016 to 2021) respectively, behind major markets including China and Singapore.

By 2021, all developed markets in Asia Pacific (except for Japan) would have a ratio of 100 percent for outbound travel trips to total number of households. Households in Singapore (693.6 percent), Hong Kong (248.9 percent) and Taiwan (232 percent) have the highest propensity to travel abroad, with ratios much larger than 100 percent. This ratio in Hong Kong is up from 222.3 percent in 2016, due to total outbound trips being expected to grow three times faster than total household growth, estimated at 0.7 percent over the forecast period. 

Hiang Choong, division president of Hong Kong, Macau and Taiwan at Mastercard said, “With the world becoming increasingly interconnected by travel, Mastercard recognizes the importance of a seamless travel experience and the benefits it brings to the global economy as a whole. As a leading technology company in the global payments industry, Mastercard is constantly striving to develop new products and solutions that seek to improve customers’ overall travel experience through innovation.” 

Outbound travel growth in Asia Pacific.

Collectively, Asia Pacific markets are expected to grow by six percent annually from 2016 to 2021. By 2021, China is forecasted to be the largest outbound travel market with 103.4 million trips, constituting 40 percent of all Asia Pacific outbound travel, followed by South Korea (25.6 million) and India (21.5 million). Meanwhile, Myanmar is projected to be the fastest growing outbound travel market with a 10.6 percent annual growth rate over the next five years, followed by Vietnam (9.5 percent), Indonesia (8.6 percent), China (8.5 percent), and India (8.2 percent).

According to the study, outbound travel is forecast to grow faster than real GDP. Outbound travel growth tends to be higher than real GDP growth for emerging markets – such as Myanmar (10.6 percent vs. 7.7 percent), Vietnam (9.5 percent vs. 6.2 percent), Indonesia (8.6 percent vs. 5.7 percent), Thailand (4.8 percent vs. 3.1 percent) and China (8.5 percent vs. 6 percent) – as compared to developed markets (except for Japan) where outbound travel growth is much closer to their forecasted real GDP growth.

Forecasted international outbound trips in Asia Pacific by 2021
1 China 103.4 million   10 Thailand 9.1 million
2 South Korea 25.6 million   11 Vietnam 7.5 million
3 India 21.5 million   12 Hong Kong 6.8 million
4 Japan 19.4 million   13 Philippines 4.3 million
5 Taiwan 16.3 million   14 New Zealand 3.1 million
6 Malaysia 14.2 million   15 Bangladesh 2.6 million
7 Australia 11.8 million   16 Sri Lanka 2 million
8 Singapore 11.7 million   17 Myanmar 1.7 million
9 Indonesia 10.6 million        

 

Forecasted international outbound trips growth in Asia Pacific (2016-2021 CAGR)
1 Myanmar 10.6%   8 Philippines 4.4%
2 Vietnam 9.5%   9 South Korea 3.8%
3 Indonesia 8.6%   10 Australia/ Singapore/ Malaysia 3.5%
4 China 8.5%   13 New Zealand 3.4%
5 India 8.2%   14 Hong Kong 3.0%
6 Sri Lanka 6.1%   15 Japan/ Taiwan/ Bangladesh 2.9%
7 Thailand 4.8%      

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