Booking.com Forecasts Asia-Pacific Travel Growth Amidst Post-High Season Cooling

According to Booking.com, the Asia-Pacific region is expected to experience the fastest growth in travel bookings worldwide, despite a decline in travel demand after the peak season. Laura Houldsworth, Managing Director for Asia-Pacific at Booking.com, foresees a more stable growth pattern compared to the rapid surge seen in recent years.

Last year, the Asia-Pacific region recorded a 15-16% increase in bookings annually, largely driven by the Chinese market. China played a significant role in the region's growth, surpassing other nations, while Europe witnessed a 10% growth rate and the US market remained stagnant. These trends are anticipated to continue in the current year.

Houldsworth emphasized that travel is increasingly viewed as a necessity rather than a luxury, with people prioritizing it as a way of life. She highlighted the substantial potential for growth in China's inbound and outbound markets, with Thailand emerging as a popular destination for Chinese travelers following the implementation of a visa-free scheme.

However, Houldsworth mentioned that countries like Cambodia and Laos are still struggling to attract Chinese visitors. She pointed out that the recovery of China's travel sector depends on the resumption of international flights and the country's economic situation, which could impact outbound tourism.

Despite travelers' confidence in regional travel, economic considerations pose a significant hurdle to booking trips. Houldsworth noted a growing trend among travelers from Thailand and other Asian markets to seek less expensive destinations than their home countries.

Booking.com users are extending their booking window to search for deals, expecting lower prices for accommodation and travel. Houldsworth clarified that travelers are not compromising on their choice of properties but are rather seeking bargains.