Friday, January 19, 2024
Trip.com Group, a leading global travel service provider, is embracing new trends and opportunities in the post-pandemic travel landscape by sharing keen insights at the prominent World Economic Forum (WEF).
Ms. Jane Sun, CEO of Trip.com Group, shared her optimism about Asia’s continued growth.
This was held during the ongoing WEF Annual Meeting in Davos, Switzerland from 15 to 19 January.
As major leaders from government, business, and civil society gathered in the Swiss ski resort to discuss the fundamental principles of driving trust in a world of fractures and uncertainties, the Standard Chartered panel convened influential stakeholders to delve into the exciting opportunities and new challenges emerging in the Asian market.
Speaking alongside Ms. Sun were Mr. Geoff Lee, Executive Director, Head of Private Markets and Head of Technology from Malaysia’s sovereign wealth fund Khazanah Nasional Berhad and Mr. Roy Gori, President and CEO of Canada’s largest insurance company Manulife. Mr Ben Hung, CEO of Asia, Standard Chartered Bank, moderated the panel.
With global tourism approaching a full recovery, Trip.com Group has witnessed strong booking interest in Asia, with Thailand, Japan, and South Korea among the top travel destinations.
The rise in consumer income has also led to growing trends in the region such as high-quality wellness experiences and event tourism, particularly for sought-after events like concerts and music festivals.
Sustainable tourism is another shift that is picking up steam, with environmental awareness motivating more than 16 million Trip.com Group customers to choose low-carbon travel options, such as hotels that adhere to sustainable standards.
The Group has also prioritised options such as rental of electronic vehicles and offering flights with lower carbon emissions.
Zooming in to China’s post-pandemic economic trajectory, Ms. Sun asserted that China might have more investment potential than perceived.
“Certain sectors are thriving, such as travel, wellness, and entertainment. Given China’s expansive size, with variable levels of buying power and diverse industries, there are ample promising opportunities for investment,” said Ms. Sun.
In particular, the travel sector, presents numerous untapped growth opportunities such as the rapid increase in inbound and outbound travel, as well as favourable policy developments.
Ms. Sun expressed optimism on the growth of the travel and tourism industry, especially with recent positive developments, such as increased flight capacities and expanded visa-free arrangements, that have facilitated international travel to and from China.
For instance, the recent visa-free policies for Malaysia and European countries such as France, Germany, Spain, Italy and the Netherlands, and the plans by China to establish mutual visa-free arrangements with Singapore and Thailand.
According to Trip.com Group data, significant increases have been recorded in inbound search and booking volumes from countries such as Germany, Spain, and the Netherlands.
Those with visa-free arrangements or plans for relaxed visa policies, such as Singapore, Thailand, and Malaysia, are among the top destinations favoured by Chinese tourists for the upcoming Chinese New Year.
Moreover, since its launch in September 2023, Trip.com’s “China Travel Guide”, which provided information about hotel, transport, payment, and other travel-related issues, has served nearly 100,000 international travellers planning to visit China.
Meanwhile, as of early December 2023, outbound travel orders for the upcoming Chinese New Year holidays have surged nearly 20 times compared to the previous year.
As China’s economic landscape continues to evolve, Ms. Sun suggests those seeking to do business in China to closely monitor policy and market developments, leverage data to identify emerging trends and opportunities, and make timely strategy adaptations.
“Building strong local partnerships and understanding cultural nuances will also be crucial in navigating the complexities and capitalising on the potential of the Chinese market,” she said.
For the wider Asian economy, Ms. Sun maintained that its growth prospects would remain robust, driven by the e-commerce boom, digital payments, and increasing connectivity.
She advised global companies crafting their 2024 Asia strategy to prioritise agility. As the Asian market evolves rapidly, companies should stay responsive to market dynamics, regulatory landscapes, and changing consumer behaviour.
“Looking 5-10 years ahead, the region’s resilience and potential for innovation will continue to drive Asia’s robust growth prospects,” said Ms. Sun. “The dynamic economies and technological advancements position Asia as a key player in the global landscape.”
Tags: Flight, Tourism, Travel, travellers
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