Thailand no longer top overseas destination for Chinese tourists

Thailand no longer top overseas destination for Chinese tourists

FILE PHOTO: Chinese tourists wear masks as they arrive at Suvarnabhumi Airport during a welcome ceremony of Chinese Lunar New Year travellers in Bangkok, Jan 22, 2020. (Reuters)
FILE PHOTO: Chinese tourists wear masks as they arrive at Suvarnabhumi Airport during a welcome ceremony of Chinese Lunar New Year travellers in Bangkok, Jan 22, 2020. (Reuters)

Thailand has lost its spot as the most popular cross-border destination for tourists from mainland China, according to a survey by HSBC Holdings Plc, as neighbouring Japan and South Korea moved up the list.

“Barring Hong Kong and Macau, Japan and Korea emerged as the top two preferred cross-border destinations,” analyst Parash Jain wrote in a report. “This reinforces our view that short-haul travel will recover earlier than long-haul international travel.”

The survey, conducted from Oct 28 to Nov 2, also found flight bookings are being made further in advance than they were pre-pandemic, which could reflect greater demand for leisure travel than business.

Most survey respondents said they’d need at least six months after quarantine restrictions are relaxed to become comfortable with international travel, and an effective vaccine is key to boosting confidence, Jain said. The survey also showed people are more confident about domestic travel thanks to China’s success in containing the virus.

HSBC has buy ratings on the Hong Kong-listed shares of China’s Big 3 airlines -- Air China Ltd, China Southern Airlines Co and China Eastern Airlines Corp -- thanks to their large domestic market. Cathay Pacific Airways Ltd, which doesn’t have that luxury to fall back on, is rated hold with a price target of HK$6.87.

Cathay’s shares were down 4.1% at HK$6.84 as of 3.39pm in Hong Kong on Monday, heading for their biggest loss in two months. The stock fell after the launch of a travel bubble between Hong Kong and Singapore was postponed.

Do you like the content of this article?
COMMENT (43)
TRENDING

Economy will grow faster in Q3 as investment, tourism return: Arkhom

Thailand's economic growth is expected to accelerate in the third quarter after a weaker-than-expected second quarter as public investment spending increases along with a recovery in tourism, the finance minister said on Wednesday.

17 Aug 2022

Indian smuggler arrested at Suvarnabhumi airport with fox, pythons

An Indian man has been arrested at Thailand's main airport attempting to smuggle out a menagerie of live creatures including a white desert fox and a raccoon, officials said Wednesday.

17 Aug 2022

Investment pledges slump in H1 as foreign projects wane

Investment applications in Thailand dropped by 42% in the first half of 2022 compared to the same period last year, official data showed on Wednesday, led by a sharp fall in foreign projects as the global economy slowed.

17 Aug 2022