Thailand is expected to see a substantial increase in total spending for inbound bookings during this year’s Chinese New Year (CNY) in comparison to the 2023 CNY period, according to data released by Trip.com Group, a leading global travel service provider. The projected rise in total trip expenditure is estimated to be 44.3% for inbound bookings and 70.8% for outbound travelers.
This increase in spending can be attributed to Southeast Asian tourists undertaking longer trips, including destinations beyond Southeast Asia for the 2024 Chinese New Year period. In the previous year, the majority of Chinese New Year travel (72%) was within Southeast Asia, whereas now approximately half (50.2%) of travelers are venturing further afield.
Countries in Southeast Asia that observe public holidays for Chinese New Year, such as Singapore, Malaysia, Vietnam, Indonesia, Philippines, and Brunei, experience a higher volume of travel during the week of CNY compared to countries that do not have CNY public holidays, such as Thailand, Cambodia, Laos, and Myanmar. During the week of CNY, countries with CNY public holidays account for 69.1% of all SEA bookings, compared to 59% of all SEA bookings for the week before CNY.
Two additional trends that are prevalent across markets are the increasing length of booking windows and the popularity of theme parks. Travelers are now planning their trips farther in advance, with the booking window for trips originating from Thailand more than quadrupling from nine days to 40 days during this CNY compared to last year. Similar increases have been observed in Malaysia and Singapore. Furthermore, theme parks are highly popular attractions for tourists from Southeast Asia. Hong Kong Disneyland is particularly favored by travelers from Thailand, Singapore, and Malaysia, with other attractions such as Universal Studios Japan, Tokyo Disneyland, Universal Studios Singapore, and Warner Bros Studio Tour Tokyo also ranking among the top choices for Thai travelers.
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