MasterCard predicts
steady travel growth
MasterCard Worldwide recently predicted steady growth in
outbound travelers across Asia/Pacific in the second half of 2007. based on
results of its latest MasterIndex™ of Travel survey.
The forecast revealed that outbound travel for Korea is
expected to show a significant leap in year-on-year growth, from a projected 3.6
percent six months ago to a remarkable 12.5 percent, as 7.1 million Koreans
travel for work and leisure. Other markets anticipating an increase in
year-on-year growth include Australia (5.6 percent), New Zealand (2.1 percent),
Hong Kong (4.9 percent), Indonesia (5.6 percent) and the Philippines (5.7
percent).
"In spite of global market volatility and continuing
uncertainty in economic outlook, economic growth in Asia/Pacific remains robust;
which in turn has supported the tourism industry in Asia. This positive forecast
for outbound travel corresponds with increasing personal disposable income and
availability of low cost travel options, which has made travel accessible to not
just the mass affluent but the expanding middle class in Asia/Pacific," said Dr.
Yuwa Hedrick-Wong, economic advisor to MasterCard Worldwide in Asia/Pacific.
Markets seeing a slowdown in the rate of growth in outbound
travel include China, Japan, Thailand and Singapore. Although outbound travelers
from China are expected to increase from 17.14 million to 19 million, the rate
of growth is expected to reduce significantly, from the robust 12 percent (seen
in the previous survey for the first half of 2007) to a less buoyant 7.5
percent.
For Japan and Thailand, a slowdown in their year-on-year
growth from a previously recorded 4.8 percent and 7.2 percent respectively, to
1.8 percent and 4.3 percent respectively, is predicted for the second half of
2007. While 3 million Singaporeans are expected to travel from July to December
2007, the rate of year-on-year growth is forecasted at 3 percent compared to 5.2
percent projected in the first half of 2007.
Building on the momentum gained from January to June 2007,
Malaysia and Taiwan are expected to power ahead in the number of outbound
travelers. Including visitors to Singapore, over 23.8 million outbound visits
are expected to be made by Malaysians for work and leisure in the next six
months, resulting in a 7.6 percent increase in year-on-year growth. Outbound
travelers from Taiwan are also expected to increase, from 4.38 million
forecasted in the first half of 2007 to 4.6 million in the second half of 2007.
Released twice a year, the MasterIndex of Travel also
includes a survey of business and personal travel trends among the urban middle
class across 13 markets (Australia, China, Hong Kong, Indonesia, Japan, Korea,
Malaysia, New Zealand, the Philippines, Singapore, Taiwan, Thailand and Vietnam1).
Regionally, 37 percent of the consumers polled had traveled
internationally in the past 12 months for leisure, which was lower than the
first half of 2007 (39 percent) but slightly higher when compared to the same
period last year (36 percent). Thais (70 percent), Hong Kong residents (62
percent) and Singaporeans (61 percent) continued to dominate the top three spots
in outbound leisure travelers the past 12 months. New Zealanders (42 percent),
Chinese nationals (42 percent), Malaysians (43 percent) and Taiwanese (39
percent) were the next most favorably disposed to leisure travels. 83 percent of
consumers favored Asia/Pacific destinations, followed by Europe (29 percent),
then North America (USA 17 percent and Canada 8 percent).
In terms of business travel, 1 in 5 respondents had traveled internationally
on business in the past 12 months. 29 percent of business travelers in the
region said they traveled more than the same period last year, while slightly
fewer (27 percent) said they traveled less than the first half of 2007. |
