Good news for travellers coming from the latest Hotel Price Index™ (HPI™) published by Hotels.com™: average prices paid per night for hotel accommodation was up only 1% globally in 2015 as compared to 2014. The Global Index sat at 114 for 2015 and is closing the gap on the previous peak of 117 in 2007, the year before the global economic crisis. North America drove the global increase as the only region to see hotel prices rise (up 3%) throughout 2015 with the Index hitting 119, exceeding its pre-recession high of 117 in 2007. The good news does not end here – hotel prices paid* in most of Hongkongers’ favourite destinations logged double-digit decreases in the past year, including Macau and Taipei, as well as farther destinations such as Seoul and Tokyo.
Looking for the best value? Stay in Asia!
According to HPI data, the hotel prices paid in Asia had the highest percentage drop amongst all regions with a decrease of 5% in 2015 compared to 2014. The fall took the Asian Index to 99, making 2015 the first year where the region has recorded an Index that is below its starting point of 100.
“Hotel prices have remained relatively stable in the past year. North America was the only continent that has logged an increase, while the Caribbean, Europe and the Middle East saw zero growth,” said Jessica Chuang, Jessica Chuang, Director, Regional Marketing of Greater China and Emerging Southeast Asia and India for the Hotels.com brand. “Hong Kong travellers, with the majority of their favourite destinations being Asian locales, will be happy to know that Asian destinations remain as some of the best value options for yet another year. If anyone is planning to travel within Asia, now is a great time to start planning!”
What a great time to be bitten by the travel bug: double-digit falls in the hotel prices paid in the most popular destinations for Hong Kong travellers
Hotels.com is pleased to report that the prices paid by Hongkongers for hotels in destinations favoured by the city’s travellers have mostly fallen in 2015. The most notable drops include the prices paid for accommodation in Seoul, falling by 20% to HK$724; Macau, falling by 18% to HK$1,311; Taipei, falling by 12% to HK$787; and Tokyo, falling by 8% to HK$1,028.
Average prices paid per night by HK travellers in their favourite destinations in 2015 as compared to 2014
While most Asian cities saw a decrease in hotel prices paid by Hong Kong travellers, several cities in Japan did see a rise. Prices paid in Osaka and Sapporo, two popular Japanese destinations frequented by Hongkongers, rose by 14% to HK$1,031 and 8% to HK$905 respectively. Several tier-two destinations in Japan also saw an increase in average prices paid for accommodation, such as Izumisano (increased by 14%), Kobe (increased by 8%) and Kanazawa (increased by 5%).
Great value can also be found at home
In line with the Asian trend, the average price paid for hotels in Hong Kong by travellers, international and domestic inclusive, has fallen to HK$910. The lower hotel prices paid by international travellers signify that travelling to Hong Kong is becoming increasingly affordable. Data from the Hong Kong Tourism Board shows that the visitors from South & Southeast Asian countries in January 2016 grew by 10.4% year on year.
Travellers from Taiwan and Japan – Hong Kong’s traditional primary sources of inbound travellers from within Asia – have all paid less for accommodation in the city in 2015. Prices paid by travellers from Taiwan and Japan fell by 14% and 5% (to HK$969 and HK$1,168) respectively from last year.
*Average prices paid per night inclusive of taxes and fees.