The Pacific Asia Travel Association (PATA) has just released its latest forecast for tourism destinations in the Asia-Pacific area and says that Vietnam will lead the region in annual growth rates for 2019 ~ 2023. PATA projects that Vietnam’s tourism will grow at an annual rate above 5.5% each year during this period, the highest growth rate of any country in the Asia-Pacific region.
PATA also forecasts that the top origin markets will be China, Hong Kong and South Korea and that these countries will produce a increase of 17.3 million international visitor arrivals (IVAs) between 2018 ~ 2019.
PATA’S 2019 ~ 2023 Forecast
Other key highlights from the PATA forecast:
• By 2023 the Asia-Pacific region is expected to receive 900 million international visitor arrivals.
• China is expected to continue to be the largest travel market in the region by 2023, with 22% of all IVA’s expected to be to the Middle Kingdom.
• The USA and Hong Kong follow in terms of the absolute volume of foreign arrivals in 2023.
• In 2023 the top five destinations by volume of IVA’s are expected to account for more than 50% of IVA’s into the Asia-Pacific region.
• Asia is forecast to be the strongest generator of additional IVAs between 2018 and 2023 also, producing close to 74% of the additional volume of foreign arrivals into APAC over that period.