The Hong Kong tourism market is expected to reach US$ 41.5 Mn in 2032, likely to surge at a vigorous 10% CAGR during the forecast period of 2022 – 2032.
The tourism industry is a major contributor to the economy of Hong Kong. Since 2014, growth of tourists from China has decreased, due to which the Hong Kong tourism industry is facing a slowdown.
Also, competition is increasing from destinations such as Europe and Japan, which are frequented by Chinese tourists. However, the government in Hong Kong is taking measures to develop more tourist attractions, thus making Hong Kong one of the most popular tourist destinations.
According to Future Market Insights, tourists from China constituted the largest group of visitors to the Hong Kong Special Administrative region. This is both a driver and a restraint to the Hong Kong tourism market. Chinese visitors come to the Hong Kong region in order to enjoy the duty free shopping and travel in a world class infrastructure and having not to face the language or other cultural shocks that they may face while travelling in a western country.
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