Tourism Insights

17 July 2024, 11:44

Airbnb Expects 30% Surge in Bookings from India for 2024 Paris Olympics

With only a few weeks left until the Summer Olympics and Paralympics, Airbnb reports a significant increase in travel bookings, reflecting growing global interest in the Games. Travellers from over 160 countries have already booked accommodation via Airbnb for the Olympics. As of 31 March, the number of nights booked in the Paris region during the Olympics has increased more than fivefold (400%) compared to the same period last year.

Paris remains the most searched city on the platform, with a 40% increase in active listings, ensuring ample accommodation for guests. Notably, bookings from Indian travellers have surged by around 30%, highlighting the growing tendency of Indians to plan trips around major sporting events like the Olympics. Besides Paris, Indian tourists are also exploring other vibrant regions. The strategic distribution of Olympic events across France allows visitors to discover lesser-known areas and historic cities, offering a broader experience of the country during the Games.

According to a study, Airbnb accommodations will bring an average of €2,000 (over $2,170) in income to a typical host in the Paris region during the 2024 Summer Olympics, with a total economic impact nearing €1 billion (over $1 billion) and providing nearly 7,300 full-time jobs in the country. 【Source: ET TravelWorld】

Sri Lanka’s Tourism Revenue Exceeds $1.5 Billion in First Half of 2024

Sri Lanka’s tourism industry has shown significant growth, with revenues exceeding $1.5 billion in the first half of 2024. According to ET TravelWorld, tourism revenue in Sri Lanka increased by 77.9% in the first half of 2024 compared to the same period in 2023. The number of tourists reached 1.01 million, a 61.7% increase from the same period in 2023.

Reports indicate that tourism revenue for June 2024 alone was $113.4 million, up from $100.3 million in June 2023. This remarkable revenue growth is particularly noteworthy, considering Sri Lanka took ten months last year to achieve similar revenue. Sri Lanka aims to attract 2.5 million tourists and generate $4 billion in revenue by the end of 2024. Tourism and worker remittances are major sources of foreign exchange for this South Asian country. 【Source: Travel News Digest】

Indian Tourists to Drive Future Growth in Global Tourism

According to a recent report from the Organisation for Economic Co-operation and Development (OECD), titled “Tourism Trends and Policies 2024,” Indian tourists are becoming a significant driver of growth in the global tourism industry. The number of international travellers from India in the first quarter of 2024 grew by 9.5% compared to the same period in 2019. The rapid expansion of India’s middle class and improved air connectivity are key factors behind the surge in outbound travel.

In 2022, the direct contribution of tourism to the GDP of OECD countries recovered to 3.9%, slightly below the 2019 level, indicating ongoing recovery. Global tourist numbers are expected to exceed pre-pandemic levels by the end of 2024, with European countries leading the way, driven by positive tourism and business sentiment. However, escalating geopolitical tensions and climate-related events pose new challenges for the tourism industry, requiring proactive and sustainable policy measures. 【Source: moneycontrol.com】

Depreciation of Yen Leads to More American Tourists Visiting Japan

The number of American tourists visiting Japan has surged this year due to the depreciation of the yen, which has also significantly increased foreign investors’ interest in Japan’s accommodation market. According to the U.S. International Trade Administration, over 900,000 Americans arrived in Japan by air in the first five months of 2024, up 17.4% year-on-year and 35.5% higher than pre-pandemic levels in 2019. While pent-up travel demand since the end of the pandemic has played a role, the recent fall of the yen to a 38-year low against the dollar is a key factor, enhancing American tourists’ spending power.

Since the end of the pandemic, demand across the Asia-Pacific region has been booming, attracting tourists from China and long-haul travellers from North America. More Americans are opting to travel abroad, and the weaker yen makes the entire travel experience more affordable for American tourists. Foreign investment in Japan’s hotel industry has also sharply increased. According to MSCI data, cross-border investment in the sector reached $1.38 billion in the first half of this year, up 19.2% from the same period in 2023 and 176.3% higher than the first half of 2019.

Airlines are also responding to this trend by increasing the number of flight seats between the United States and Japan. Data shows that airlines scheduled about 1.5 million flight seats between the two countries for June, July, and August, up 9% from the same period last year. Hopper data indicates that United Airlines, Delta Air Lines, and American Airlines Group have increased the number of scheduled flight seats between the U.S. and Japan this summer by 19%, 10%, and 7%, respectively. 【Source: VN Express.net】

Virgin Atlantic Announces Withdrawal from Shanghai

British airline Virgin Atlantic has announced that it will cease operations on its London to Shanghai route starting 26 October, temporarily ending a route that has been in service for 25 years. The route was suspended during the pandemic and resumed in May 2023, with one daily flight operated by a 787-9 aircraft. Virgin attributes its withdrawal from Shanghai to the significant challenges and complexities of being unable to fly over Russian airspace. Virgin Atlantic states that the closure of this route is due to the inability to use Russian airspace, which increases the costs associated with the route compared to other airlines, making operations more complex.

Following the outbreak of the Russia-Ukraine conflict, Western airlines could no longer use Russian airspace. Virgin Atlantic previously reported that flight times from London to Shanghai had increased by about an hour, and return flights by about two hours, necessitating adjustments to aircraft and crew scheduling.