The travel industry in Taiwan is poised for continued recovery in 2024, driven by high volumes of inbound arrivals and outbound departures of Taiwanese tourists. In June 2024, the Taiwanese government launched a new tourism brand, "Taiwan - Waves of Wonder," in an attempt to boost the country’s appeal as a year-round tourist destination for international visitors.
The volume of people travelling by air is set to continue rising in 2024, albeit at a slower pace compared to 2023, when there was a release of pent-up demand from both business and leisure customers. Full-service airlines, including the three major players - EVA Air, China Airlines, and Starlux - are responding to the increase in demand by launching new routes, upping flight frequencies, procuring new aircraft and recruiting more crew members.
With the increase in the number of air arrivals, including international business travellers, hotels in Taiwan are expected to continue to bounce back in 2024, with the number of room nights exceeding pre-pandemic levels. However, in an inflationary environment, increasing prices could potentially impact the overall performance of the lodging, as consumers may begin to compare domestic rates with those in neighbouring countries, potentially leading to a shift in demand.
Retail sales of bookings are expected to continue growing in constant value terms in 2024, albeit at a slower rate than in 2023, when there was a release of pent-up consumer demand. Japan represents the top destination for Taiwanese travellers, with the ongoing depreciation of the Yen making it an increasingly attractive option, with South Korea and Vietnam also continuing to be popular choices.
Inbound arrivals (in terms of number of trips) will continue to expand throughout the forecast period, with the anticipation that they will return to pre-pandemic levels by 2025. Growth will be very much dependent on the expected return of Chinese tourists and the relaxation of cross-strait entry restrictions.
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Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
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