The era of "revenge tourism" may be coming to an end as inflation drives up costs and the tourism boom in Asia passes its peak.
A report released in late September by market research firm Morning Consult found that in some countries, the number of people intending to travel is still increasing. However, in other countries, especially in Europe and the Americas, this index has started to stagnate or decrease. The number of people wanting to travel in France decreased by 11% compared to the same period in 2022, Germany decreased by 6%, Canada and Russia both decreased by 4%. The study was conducted in 2022-2023, surveying 14,000 adults.
Inflation has cut incomes in many places. People are forced to restructure their spending. Travel and hospitality analyst Lindsey Roeschke of Morning Consult says that the pent-up demand for travel is drying up. Travel will not drop significantly, but most people will not have the same need to travel in droves as they did post-pandemic.
Spanish tourists wearing conical hats take souvenir photos in Vietnam during their trip in late September. Photo: Charlie Vietnam
"Revenge tourism" is a term used to describe the trend of people traveling after being confined to their homes. This trend exploded after the pandemic, when restrictions were lifted.
Morning Consult said the revenge tourism trend will “stick around longer” in Asia-Pacific, where many countries have been enforcing pandemic-related restrictions for longer and reopening borders later than other regions. But according to a report by Oxford Economics, a US- and UK-based organization, travelers are likely to gradually reduce the number of short “revenge trips”.
Pent-up demand boosted travel in Asia-Pacific in the first half of the year. The trend has since begun to reverse. Singaporean arrivals to Malaysia, for example, have fallen after a surge in late 2022.
Morning Consult said Japanese travel appetite was the lowest among 15 countries surveyed, with 53% of respondents planning a holiday in the next 12 months. Chinese appetite was boosted, with domestic and international bookings for the October 1 Golden Week holiday 2019 up 20 times compared to the same period last year. “But this level of enthusiasm may not last,” Oxford Economics warned. The report also noted that Chinese tourists increasingly prefer domestic travel over international travel.
The tourism boom in Asia has peaked. “The volume growth is unlikely to be enough to prevent a slowdown in recovery in most parts of the world, which is a blow to destinations that were hoping for a strong recovery,” Morning Consult said in a report.
Still, the tourism industry remains optimistic. A survey by US-based real estate firm JLL released on September 28 found that 77% of hoteliers in Asia-Pacific expect occupancy levels to increase by 2024.
Anh Minh (According to CNBC )
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