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Travel demand fuels a boom in Asia Pacific — in hotel rates
Hotel rates in destinations that are popular with Chinese travelers are 45% higher, with rates going even higher in Singapore and parts of Thailand.
www.cnbc.com
Rates in Asia are skyrocketing
The travel boom in Asia Pacific has been “phenomenal,” said Watts.Data shows this is especially true in places where Chinese travelers are going.
But rates have climbed more than 45% in destinations that are attracting the most Chinese travelers, said the company’s chief strategy officer, Joydeep Chakraborty.
“The most significant increase was recorded in Bali, Bangkok, Phuket and Singapore, with Bangkok topping the charts at over 70% and Singapore coming in at over 40%,” he said.
Ctrip, the leading travel booking website in China, also told CNBC that average hotel booking prices in Bangkok jumped by around 70% in late January
Increases highest at high-end hotels
Traveloka’s data shows that hotel rate hikes are not limited to the luxury sphere “but are more significant among the high-end hotels,” said Chakraborty.Data shows a growing demand for luxury hotels among Chinese travelers. A report published by Morgan Stanley on Feb. 7 showed interest among Chinese travelers in luxury hotel stays jumped from 18% to 34% from 2022 to 2023.
A report provided to CNBC by the data identity company Adara in late February showed Chinese travelers are spending significantly more on hotel rooms. Fewer travelers booked rooms under $100 a night, while the number of people booking rooms that cost $400 or more nearly tripled, as shown here:
相比疫情前,$100以下的增加的人少,$400一晚的订的人翻三倍