Travel and tourism proves resilient
Tourism has proven to be a resilient area capable of withstanding a challenging economic environment. Indeed, tourism appears to be almost recession-proof as tourists continue to travel in order to relax or to take a break and all domestic, inbound and outbound tourism areas recorded an increase in revenue in 2012. Average income families which could not afford long distance holidays still travelled domestically and to nearby countries like Singapore in 2012.
Various elements boosting travel and tourism growth
The active involvement of various trade players as well as national policies that recognise the importance of and promote tourism ensured that the travel and tourism area performed well in 2012. The development of tourist attractions such as theme parks and shopping malls on top of existing attractions ensures that Malaysia meets the different needs of a wide range of tourists. In addition, the opening of new hotels and refurbishment of old ones highlighted the high level of demand for rooms. Furthermore, the tourism board’s efforts to promote shopping, MICE, homestay and partnering tourism with different trade partners is also helping to fuel growth.
Low cost carriers emerge as game changers
One of the main factors behind growth in this area in recent years has been the availability of more affordable airfares. Low cost carriers are playing a significant role in not only shaping the future of the airline industry but also in the general level of demand for travel and tourism services. Domestic tourism has been boosted by the fact that travellers can now more easily fly to Kuala Lumpur for shopping or Penang for food due to the development of affordable budget airlines. The introduction of airlines like Airasia X, which extends the low cost format to long-haul flights, boosted inbound and outbound trips as travelling abroad to destinations such as Australia and Japan is now far more affordable.
Rising demand in various segments supporting growth
Growing demand for medical tourism, eco-tourism, luxury tourism, MICE and business tourism helped to fuel overall tourism revenues in 2012. In addition, the opening of luxury resorts and five-star hotels such as Gaya Island Resort and Grand Hyatt as well as other travel packages for the affluent or unique custom designed packages created other business lines for players. Tourists interested in luxury holidays, golf trips and group business trips are valuable customers due to the fact they are high spenders and are helping to boost revenues.
Tourism growth to be fuelled by increasing competition
The ease of online purchases for many tourism products, from hotels to flights, the social media craze and rising internet penetration will continue to fuel online sales growth and shape the future strategies of players. New entrants like Malindo and the impending open skies policy will pose even greater competition to the airline industry and open up more choices for travellers. Staying aloft and ahead will be harder and accommodation, transportation and travel retail players will either need to offer more competitive prices or offer a unique service which justifies higher prices.
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Discover the latest market trends and uncover sources of future market growth for the Travel and Tourism industry in Malaysia with research from Euromonitor's team of in-country analysts.
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The Travel and Tourism in Malaysia market research report includes:
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