Hong Kong Residents Spread Their Wings: The Outbound Tourism Market Grows at a CAGR of 8.5%

Hong Kong’s outbound tourism market is expected to reach size $483.0 million in 2022. According to the report, sales are expected to grow robustly 8.5% CAGR from 2022 to 2032. The market is expected to reach a valuation of US$1,088.0 Million by 2032.

Hong Kong’s outbound tourism market is poised for significant growth, fueled by exciting developments in the Greater Bay Area and a growing desire for travel experiences among residents. This press release explores the key factors driving the market forward:

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Greater Bay Area: A Gateway to Growth

The ambitious Greater Bay Area project, which includes nine cities and two Special Administrative Regions (SARs) in southern China, promises to revolutionize tourism in the region. This program aims to facilitate:

• Free flow of people: Seamless movement within the Greater Bay Area will make multi-destination travel experiences more accessible to Hong Kong residents.
• Capital and commodity exchange: Streamlined economic activity in the region will contribute to overall prosperity.
• Regional Development: Resources will be distributed to less developed cities, creating new tourist destinations.

Hong Kong’s climate: a seasonal allure

Hong Kong’s subtropical climate provides a welcome respite from the scorching summer heat in neighboring regions. This unique weather pattern attracts tourists looking for a more temperate environment, further enhancing the city’s appeal.

Travel on the Rise: Domestic and International Explorations

Fueled by these factors, Hong Kong residents are showing an increasing propensity to travel, both domestically and internationally:

• Business and leisure: The number of tourists and business travelers departing from Hong Kong is expected to rise steadily in the coming years.
• Growth of outbound tourism: Hong Kong’s outbound tourism market is expected to exhibit a robust CAGR of 8.5% between 2022 and 2032.

Balancing popularity and pressure: managing the influx of tourists

Although Hong Kong is a favorite tourist destination worldwide, managing visitor numbers remains crucial.

• Concerns about congestion: An excessive influx of tourists could exacerbate existing population density problems in the city.

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Escape the everyday: seeking adventure beyond Hong Kong

Hong Kong’s high population density offers a unique opportunity for the outbound tourism industry:

• Stress relief through travel: Hong Kong’s fast-paced environment can motivate residents to seek solace and adventure through travel, creating a strong market for outbound tourism options.

A flourishing future for outbound tourism

Hong Kong’s outbound tourism market shows a promising future. Backed by the Greater Bay Area initiative, Hong Kong’s seasonal attractiveness and a growing desire for travel experiences among residents, the market is well positioned for further growth. As residents and tourists continue to explore the world beyond Hong Kong, the outbound tourism industry is poised to play a crucial role in facilitating enriching travel adventures.

Key takeaways from the Hong Kong outbound tourist market Study:

• In terms of booking channel, online booking segment is expected to hold a notable share of almost 20% 70% in Hong Kong’s outbound tourism market by 2032.
• Travelers in the age groups 36-45 years and 46-55 years are expected to choose international travel more often than the other age groups.
• Honk Kong’s outbound tourism market is expected to reach size $483.0 million in 2022.
• Together with Paris and Singapore, Hong Kong was named the most expensive city in the world in 2019.
• Between 5,000 and 6,000 people visit Hung Hom every day, which would boost Hong Kong’s outbound tourism market by 2032.

Competitive landscape: Hong Kong outbound tourism market

Leading players operating in Hong Kong’s outbound tourism market are focused on aggressive promotional strategies, advertising and new product launches. They aim to compete with their rivals by investing huge amounts of money in developing personalized packages that meet the specific needs of tourists.

Some of the leading players in the Hong Kong outbound tourism market

• Expedia.com
• Travel advisor
• Possible tours
• Rome 2 Rio
• Thrillophilia
• Thomas Cook
• Romania Tour Shop
• Tour through my India
• Affordable tours
• Tour radar
• To discover
• G-adventures
• TUI China
• World expeditions

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Hong Kong Outbound Tourism Market Outlook by Category

By goal:

• Company
• Spare time
• VFR
• Others

Per booking channel:

• Telephone booking
• Book online
• Personal booking

By tour type:

• Independent traveler
• Tour group
• Package traveler

By age group:

• 15-25 years
• 26-35 years
• 36-45 years
• 46-55 years
• 56-65 years
• 66-75 years

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Recipient and Member of the Greater New York Chamber of Commerce) provides deep insights into the driving factors driving demand in the market. FMI is the leading global provider of market information, advisory services, consultancy and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial and Chemical markets. With a vast team of more than 400 analysts worldwide, FMI offers global, regional and local expertise on diverse domains and industry trends in more than 110 countries.

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