With travel in Asia Pacific expected to boom over the coming years, it has become crucial for industry players to understand what sets their market apart from competing destinations. Despite frequent comparisons, Hong Kong and Singapore each offer unique value propositions as travel destinations.
Who is Travelling?
Hong Kong’s inbound tourism relies heavily on singles and couples, whereas Singapore’s inbound tourism demographics rely more on families. From a source country perspective, Hong Kong’s inbound arrivals rely heavily on Mainland Chinese tourists (68% in 2018), whereas Singapore shows a more balanced picture, with three countries (China, Malaysia and Indonesia) accounting for 62% of arrivals. The average traveller to Singapore also stays longer in the destination and has a higher disposable income than the average traveller to Hong Kong.
Why are they Travelling?
Hong Kong remains the shopping paradise of Asia Pacific, with more than USD10 billion spent on shopping by inbound travellers in 2018. However, Singapore is slowly challenging that status, with an increased spending per trip on shopping by inbound travellers. Singapore also sets itself apart with its medical tourism and casino revenues. Finally, with a higher per capita spending than the average leisure traveller, business travellers remain a key component of inbound tourism revenue for both Hong Kong and Singapore.
How are they Travelling?
A majority of arrivals into Singapore are by air, whereas Hong Kong also relies on land and rail arrivals. The average traveller to both Hong Kong and Singapore values highly eco-tourism as well as sustainable travel options. This means it is key for airlines, in particular, to cater to this need for environmental friendliness.
Where are they staying?
Airbnb remains much more popular in Hong Kong than in Singapore, ranking as the number one lodging brand in the former, while it is only ranked eight in the latter. The average traveller to both Hong Kong and Singapore values experiences much more than the global average. This means that it is key for their respective travel industries to cater to this need for authentic experience and culture. This is reflected in the increasing number of lodging options that focus on providing a memorable experience.
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Source: Euromonitor