Business Outlook
- Tight Local Labour Supply: The tight local labour supply poses challenges to the industry recovery amid the foreseeable resuming of the economy and industry development.
- Different Tourists’ Expectations: With higher concern about the environment in the post-pandemic era, tourists are expecting more technology adoption, more sustainable travel options, and increased awareness of destinations for mental well-being.
- Keen Competition From Nearby Regions: Nearby regions have introduced new measures, including new attractions and special promotions, to catch tourists’ interest. The more developed and easier-accessed transportation system have changed some short-haul visitors’ behavior, which heavily affected the length of stay of visitors in Hong Kong and their per-capita spending.
- Expanded Individual Visit Scheme (IVS): The expanded IVS covering 59 Mainland cities will benefit the local tourism industry and the related sectors, particularly during the Labour Day Golden Week of the Mainland and other long holidays.
- Extensive Support From the Hong Kong Government: The Government has allocated a considerable budget to strengthen local tourism development and organise events, making Hong Kong more appealing to visitors from around the world.
- Entire Operation of the Three-Runway System (3RS) by the end of 2024: The 3RS operation represents a transformative milestone for Hong Kong's tourism industry, enabling Hong Kong to accommodate a significant influx of visitors from existing and emerging markets, unlocking the growth potential for the tourism industry.
- Opening of Kai Tak Sports Park in 2025: The opening of Kai Tak Sports Park in early 2025 will provide world-class facilities to host international competitions and large-scale sports events. This state-of-the-art venue caters to the needs of athletes and sports enthusiasts worldwide and offers a comprehensive all-round experience, including dining and shopping outlets.
- Development Blueprint for Hong Kong's Tourism Industry 2.0: The Blueprint 2.0 will develop work plans, specific actions, measures and performance indicators to further enhance tourism development and foster collaboration among different industries.
