HONG KONG: Hong Kong welcomed its iconic Rugby Sevens tournament and the international art fair Art Basel as a deliberate attempt to get tourism going again in the densely populated Asian finance hub.
After three years of stringent COVID-19 restrictions that severely impacted tourist arrivals and led to an expatriate exodus, Hong Kong has witnessed a gradual return of tourists. Arrivals in 2024 returned to 68% of the 2018 record highs. The city still faces issues such as high airfares and labor shortages, making it hard to compete with other cities such as Singapore, according to industry players.
The Hong Kong government has initiated its “Super March” tourism promotion campaign to stimulate the industry significantly.
The HSBC and Cathay Pacific-sponsored Rugby Sevens event is being held at the newly built Kai Tak stadium and has experienced record-breaking ticket sales, including all corporate boxes and suites, with high corporate demand. The tournament, held over the weekend from Friday through Sunday, has also encouraged a 20% increase in overseas hotel bookings versus average growth rates, the Federation of Hong Kong Hotel Owners reported.
At the same time, Art Basel, which is held over the same weekend, has exceeded expectations with a stunning 130% year-over-year growth, driven by robust participation from East and Southeast Asia, according to Caspar Tsui, executive director of the federation.
Early estimates by the Hong Kong Tourism Board showed 7% year-on-year growth in arrivals for January and February. Of specific note, non-mainland Chinese visitors rose by 20% to 1.91 million. The Philippines, Indonesia, Japan, and South Korea each posted over 30% year-on-year expansion, while tourists from Australia had an outstanding 34% gain.
Complementing the city’s entertainment calendar, British rock group Coldplay will play in early April at 50,000-capacity Kai Tak stadium. The group had avoided Hong Kong in 2023 while touring Asia, favoring Japan and Singapore instead. It is a turning point for Hong Kong that places the stadium on the radar as a ground that can draw in top global acts.
“It’s a game-changer for Hong Kong because we missed out on big stars in the past, like Taylor Swift, who chose Singapore,” said Allan Zeman, a high-profile tycoon and economic adviser to Hong Kong leader John Lee.
Zeman also stated that Lan Kwai Fong, the city’s financial center nightlife district, has seen an 8% to 10% business boom from February to early March.
“It’s finally coming alive!” Zeman exclaimed. “It’s been a while.” — REUTERS
