Intermediaries offline suffered a significant decline during the COVID-19 pandemic, especially those travel agencies that target tourists from Mainland China like China Travel Service and Golden Win International Travel. The number of travel agents registered on the Hong Kong tourism board declined by 103 outlets between Q1 2020 and Q2 2021.
Travel intermediaries online has seen one of the quickest recoveries within travel in Hong Kong. International intermediaries that focus on providing lodging services like Booking.
Given the expected gradual recovery of retailing and finance, Hong Kong’s financial secretary Paul Chan is considering cutting down on industry subsidies. More limited support from the government points towards a slower recovery of travel intermediaries.
Leisure travel is set to be the main driving force behind the recovery of travel over the forecast period. The trend towards experiences over material goods is expected to have a growing influence on how consumers choose to spend their holidays, which travel intermediaries could look to exploit.
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This report originates from Passport, our Travel Retail research and analysis database.
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