Tourism grows in Asia Pacific, but hotel occupancy declines
United Nations World Tourism Organisation data shows international tourist arrivals rose by 4 percent year-over-year during the first half of 2019. Due to the US-China trade conflict, however, there are weaker economic indicators, which have affected business and consumer confidence, according to CBRE’s Marketview: Asia Pacific Hotels H1 2019.
Asia Pacific ranked second worldwide in terms of international tourism growth during first half 2019, with an increase of 6 percent year-over-year. Growth was driven by South Korea, which received a total of 8.4 million visitors during the period, representing year-over-year growth of 16.9 percent. China remains South Korea’s top tourism source markets, accounting for approximately 33.2 percent of total arrivals in first half 2019, representing 29 percent year-over-year.
Despite healthy visitor growth across Asia Pacific during first quarter 2019, occupancy stood at 70.3 percent for the 12 months ending July 2019, a