Asia: Higher airfares, hotel rates tipped
October 23, 2004 |
American Express expects Hong Kong's economic rebound will push both airfares and hotel rates higher over the coming year as business travel continues to pick up.
American Express, the travel and financial services company, expects Hong Kong’s economic rebound will push both airfares and hotel rates higher over the coming year as business travel continues to pick up.
Amex estimates that Hong Kong-based economy-class fares within Asia will rise 2 to 3 per cent, and intercontinental business-class fares by 3 to 4 per cent next year.
The picture is similar at hotels. Amex projects room rates for mid-range Hong Kong properties will rise 2 to 3 per cent, and rentals for luxury hotels will gain as much as 1 per cent.
Not everyone thinks Amex is correct in its assessment. ``There’s little room for the number of Hong Kong travellers to grow further and the industry competition is very keen,’’ BOCI analyst Michael Chan said. ``I see the probability [of increasing airfares] is very slim, and the revenue of the Hong Kong aircraft companies will be dragged lower next year.’’
Get the full article at The Standard
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