Hong Kong Tourism Receipts: January - June 1998.HONG KONG--(BUSINESS WIRE)--Aug. 20, 1998--Figures released today by the Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. Tourist Association (HKTA HKTA Hong Kong Tourist Association ) show that the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in Hong Kong's tourism industry has had a marked effect on tourism receipts over the first half of this year. From January to June, total tourism receipts fell by 35.6% to a total of HK$25.6 billion (US$3.28 billion). (This figure includes spending by visitors, servicemen, aircrew members and transit/transfer passengers.) Spending by visitors alone fell by 36.5% to HK$24.6 billion (US$3.15 billion). The drop in visitor spending echoes the fall in arrivals, which were down by 21.0% over the same six-month period. Other major factors that contributed to the fall in spending include the currency depreciation in Asian markets which has considerably lowered the spending power The power of legislatures to tax and spend. Spending power is conferred to state and federal legislatures through their constitution. Judicial Review of legislative spending varies from state to state, but the law of federal spending informs courts in all states. of visitors from those countries, lower hotel rates, the reduction in prices for shopping items and a shorter average length of stay by visitors. Spending by visitors from Mainland China remained the biggest contributor over the period, accounting for 26.6% of the total. Taiwan took second place (20.3%), followed by The Americas and Europe, Africa & the Middle East, which both accounted for 11.7%. These market regions were followed by South & Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. (11.1%), North Asia North Asia or Northern Asia is a subregion of Asia. The most common definition of the term is;
All major market regions registered a drop in actual visitor spending. The largest fall was from the North Asia market, which was down 61.3%, followed by South & Southeast Asia (down 51.2%). These declines are due mainly to the currency depreciations and general economic downturn in these markets, especially South Korea and throughout Asia. Spending by visitors from Europe, Africa & the Middle East fell 38.5%, followed by Australia, New Zealand & South Pacific (down 37.7%); Mainland China (down 24.9%); Taiwan (down 20.1%); and The Americas (down by 18.0%). Similarly, all market regions showed drops in per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. spending, with Australia, New Zealand & South Pacific down by 27.8%; South & Southeast Asia down by 27.3%; Mainland China down by 22.6%; North Asia down by 19.1%; Europe, Africa & the Middle East down by 18.8%; Taiwan down by 18.7%; and The Americas down by 8.2%. In terms of actual per capita expenditure, visitors from The Americas took the lead with an average spending of HK$5,779 (US$741.00). They were followed by Taiwan (HK$5,773 or US$740.13); Mainland China (HK$5,514 or US$706.92); North Asia (HK$5,299 or US$679.36); Australia, New Zealand & South Pacific (HK$4,848 or US$621.54); and South & Southeast Asia (HK$4,770 or US$611.54). Shopping remained the biggest expenditure category, with its share of total visitor spending over the six-month period dropping by just 0.5 percentage points to 49.2% of the total. Spending on meals outside hotels rose by 0.7 percentage points to 12.3%; that on miscellaneous items was up by 1.6 percentage points to 5.3%; that on entertainment climbed 0.2% percentage points to 1.8%; and that on tours remained unchanged at 3.3%. In 1997, total tourism receipts reached HK$72.1 billion (US$9.24 billion), with the highest spending markets being, in descending descending /des·cend·ing/ (de-send´ing) extending inferiorly. order, Mainland China; Taiwan; North Asia; South & Southeast Asia; Europe; Africa & the Middle East; The Americas; and Australia, New Zealand & South Pacific. CONTACT: Hong Kong Tourist Association, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Mary Bakht/Diana Budiman 212/840-1690 |
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