The tourism sector in New South Wales (NSW) has reached unprecedented heights, surpassing USD 50 billion in visitor expenditure for the first time and leading Australia‘s post-pandemic recovery.
Data from Tourism Research Australia (TRA) reveals that domestic and international travellers injected a remarkable USD 51.4 billion into the NSW visitor economy by the end of December 2023.
Notably, NSW welcomed the highest number of international visitors, accumulated the most visitor nights, and boasted the highest visitor expenditure nationwide. The international segment contributed a substantial USD 11 billion to the visitor economy. Additionally, NSW experienced the most substantial growth in international visitor numbers, nights, and expenditure among all states and territories, with an increase of 1.8 million visitors, 42.8 million nights, and USD 6 billion in expenditure.
Despite the lingering impacts of the COVID-19 pandemic, international arrivals surged to 78 per cent of pre-pandemic levels, with visitor nights and expenditure reaching 90 per cent and 96 per cent respectively, compared to 2019 figures. Key international markets such as the United States, New Zealand, and the United Kingdom retained their positions as top contributors to NSW tourism, with China showcasing a robust recovery as the fourth largest source market. Notably, South Korea demonstrated the fastest visitor growth, while Indonesia and Singapore excelled in nights spent and expenditure, respectively.Sydney, as the hub of NSW tourism, solidified its status as the premier visitor destination among Australian capitals in 2023. It attracted 53 per cent of all international visitors to Australian cities, resulting in 73.1 million visitor nights and an estimated expenditure of USD 10 billion. These figures accounted for 40 per cent and 44 per cent of total nights and expenditure across Australia, respectively.
On the domestic front, NSW experienced a significant surge of 9.3 per cent in domestic visitors, propelling domestic expenditure to a record high of USD 40.5 billion. Regional NSW emerged as a standout, showcasing its natural attractions and experiences, leading regional Australia in domestic daytrip visitor levels.
Nature-based activities and caravan and camping holidays emerged as major attractions, with NSW retaining its position as the top caravan and camping destination in the country. Moreover, over 15 million overnight visitors indulged in nature-based activities, contributing USD 16.1 billion to NSW’s tourism economy.
In January 2024 alone, Australia welcomed 26,200 visitors from India, equivalent to 106 per cent of pre-pandemic levels in 2019. This surge in Indian tourists is attributed to targeted marketing initiatives, a streamlined and digitised visa application process, and enhanced air travel options between the two countries. The upward trajectory in Indian arrivals highlights the enduring appeal of Australia as a top-tier destination, promising continued growth and mutual benefits for both countries’ tourism sectors.
Destination NSW CEO Steve Cox lauded these achievements, attributing them to the diverse and unparalleled experiences NSW offers across its regions. Cox emphasized the pivotal role of tourism stakeholders in driving growth and job creation in the state, expressing optimism about Western Sydney’s increasing prominence in the visitor economy, especially with the upcoming Western Sydney International Airport slated to further boost visitation.
International Visitor Highlights:
– 3.4 million international visitors, 87 million visitor nights, and USD 11 billion expenditure in 2023
– Visitations rebounded to 78 per cent of 2019 levels
– Sydney received 53 per cent of all international visitors to Australian capitals
– Top 3 source markets: US, New Zealand, UK
– Fastest recovering markets: South Korea (visitors), Indonesia (nights and expenditure), Singapore (expenditure)
Domestic Visitor Highlights:
– 102.5 million domestic visitors, a 9.3 per cent increase year-on-year
– Record domestic expenditure of USD 40.5 billion
– Sydney attracted 36 million domestic visitors, while regional NSW received 67.5 million
– Nature-based activities and caravan/camping remained popular, contributing significantly to visitor spending.
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Choice Hotels International on Monday scrapped its nearly year-long pursuit of rival Wyndham Hotels & Resorts , after repeated rejections and failing to garner enough support from Wyndham‘s shareholders for its hostile bid.
Choice said its exchange offer to buy Wyndham’s shares has expired and it is withdrawing its nominations of director candidates for Wyndham’s board.
Choice first approached Wyndham in April last year and disclosed its cash-and-stock offer in October. Based on the closing share price of the companies on Friday, the offer was worth $89 per share, or about $7.2 billion.
In December, Choice appealed directly to Wyndham’s shareholders to break a stalemate in the takeover battle, by unveiling an exchange offer for Wyndham’s stock. Choice also nominated a slate of directors to replace Wyndham’s eight-member board, Reuters reported.
Wyndham has repeatedly rebuffed Choice’s bid as low-premium and fraught with antitrust risk. Wyndham, based in Parsippany, New Jersey, also raised concerns about the combined company carrying too much debt, and a slowdown in Choice’s business.
A tie-up between Choice and Wyndham would have created a US budget hotel giant, competing with upscale operators like Hilton Worldwide and Marriott International which have made a push in recent years to enter the budget segment.
Rockville, Maryland-based Choice operates nearly 7,500 hotels in 46 countries in the upper-midscale and upscale segments, including brands such as Radisson, Country Inn & Suites, and Cambria Hotels. Wyndham, which franchises about 9,100 hotels in more than 95 countries, operates budget brands such as Travelodge, Ramada, Days Inn and Microtel.
“While the support from Wyndham stockholders tendering into the exchange offer was significant considering the number of investors structurally prevented from participating at this stage, it was not sufficient for Choice to conclude … that a path towards a transaction is available at this time,” Choice said in a statement.
Choice’s exchange offer received the support of less than 20 per cent of Wyndham’s shareholders, people familiar with the matter said. Choice said it will now focus on its standalone strategy and that its board had boosted the company’s share buyback authorization by five million shares, or about $600 million.
According to insights from the travel fintech platform Scapia, women travellers have embarked on an average of two trips in the last six months, with nearly 56 per cent of all bookings made by women being for solo travel. Scapia’s data highlights intriguing destinations worldwide that captivate Indian female travelers’ interests.
Shares of Choice rose more than 4 per cent in afternoon trade, while Wyndham gained more than 1 per cent.
Wyndham has said that it could achieve a higher valuation on its own, projecting compounded annual growth in adjusted earnings before interest, taxes, depreciation and amortization of between 7 per cent and 10 per cent through 2026. Its adjusted EBITDA growth had reached 6 per cent, the company recently said.
On Monday, Wyndham welcomed Choice’s withdrawal of its tender offer and slate of directors. “We are confident in Wyndham’s standalone strategy and growth prospects under the leadership of our proven management team,” said Wyndham Chairman Stephen Holmes.
Ending the takeover bid could benefit Choice, Jefferies analyst David Katz wrote in a note, upgrading the hotel operator to “buy” from “underperform.”
“We do not see it completely impossible that CHH could come back in with another offer should WH’s shares languish at these levels for another year,” said Patrick Scholes, analyst at Truist Securities.
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This International Women’s Day, Airbnb celebrates the remarkable contributions of women Hosts and Guests who have reshaped the hospitality landscape in India. With nearly 30 per cent of Airbnb Hosts being women, these trailblazers collectively earned over INR 2 billion (approximately 200 crores / USD 28 million) in 2023, demonstrating their pivotal role in driving economic empowerment and fostering inclusivity.
Anooradha, a Superhost since 2017, shares her journey of hosting on Airbnb, stating, “Beyond the supplementary income, hosting has allowed me to forge meaningful connections with guests who share my interests and values. I encourage aspiring women hosts to infuse their homes with personal warmth and creativity, creating memorable experiences for guests.”
Sumana, another Superhost, reflects on her transition from a corporate job to full-time hosting, emphasizing the fulfillment and financial independence hosting has provided. She says, “Hosting on Airbnb has led me to a path of inner strength and stability, enabling me to connect with guests from across the country while immersing myself in their stories.”
Amanpreet Bajaj, General Manager of Airbnb India, Southeast Asia, Hong Kong, and Taiwan, underscores Airbnb’s commitment to fostering an inclusive community for women Hosts and Guests. He states, “Women play a vital role in driving growth and social transformation. At Airbnb, we are dedicated to creating a diverse, equitable community that empowers women hosts and travellers alike.”
Millennial women travellers are increasingly turning to Airbnb for their accommodation needs, with domestic destinations like Goa, Bengaluru, and Delhi NCR topping the list. Internationally, cities such as London, Dubai, and Paris remain popular among Indian women travellers.
The European Parliament approved new data-sharing rules Thursday that clamp down on illegal short-term rentals to protect the residents of European cities — many of whom face shortages of affordable housing. Better data sharing will enable “the removal of illegal listings, and will contribute to fighting the housing crisis by tackling speculation and safeguarding access to affordable housing,” she said during a parliamentary debate.
Solo travel among Indian women guests witnessed a significant rise in 2023, with 30% choosing to explore destinations alone. National Parks, iconic cities, and accommodations with private rooms and pools were among the most booked categories by Indian women guests.Actor Sayani Gupta applauds Airbnb’s role in empowering female travellers, stating, “Airbnb has been my preferred travel companion, offering safety and unique experiences for solo exploration. This Women’s Day, I commend Airbnb’s commitment to providing comfort for avid female travellers while empowering others to embark on their entrepreneurial journey as hosts.”
As Airbnb continues to champion women empowerment and inclusivity, its platform serves as a catalyst for fostering connections, experiences, and opportunities for women across India and beyond.
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FCM Travel India, leading global corporate travel management company, hosted its inaugural FCM Corporate Travel Summit in Mumbai in collaboration with the Global Business Travel Association (GBTA). The summit brought together over 150 industry professionals and decision-makers to explore the latest trends and innovations shaping India’s business travel landscape.
The event featured insightful sessions covering a wide range of topics including business travel trends, technological advancements, meetings and events, and sustainability initiatives. With India emerging as the 9th largest travel market globally for business travel spending, representing 5.7 per cent of the Asia Pacific region’s spending, the summit underscored the country’s growing significance in the corporate travel sector.
On the ocassion, Sunny Sodhi, Managing Director, FCM Travel India, highlighted the robust growth trajectory of India’s business travel spending. “India is the 9th largest travel market in the world for business travel spending. It is the 4th largest market for the Asia Pacific region, representing 5.7 per cent of business travel spending in the region. In 2023, India’s business travel spending grew 24.7 per cent and we anticipate an 18.3 per cent increase in spending in 2024.”
Manpreet Bindra, FCM Meetings & Events Leader, Asia, emphasised the evolving trends in the meetings and events industry, highlighting the adoption of technology-enabled events and a rising demand for wellness and luxurious experiences among business travelers.
“It is going to be an exceptional year for the meetings and events industry. Technology-enabled events are here to stay, and we use artificial intelligence and virtual reality to enhance and elevate guest experiences. We have also seen a strong demand for wellness, well-being, and even luxurious experiences,” he said.
Under both mild and severe scenarios, it is projected that by the end of 2024, South Asia will attract 25 million and 60 million visitors, respectively. On the other end, India’s attractiveness to tourists is expected to improve by 2026. Prof Haiyan Song, Research Head at PATA, and Dean of Hospitality and Tourism at Hong Kong Polytechnic University shares more insights.
Bertrand Saillet, Managing Director, FCM Travel Asia, stressed on the strong performance of the Asia region, with a notable 44 per cent increase in revenue, driven by robust growth in Southeast Asia, India, and the reopening of China. This signals promising growth opportunities for India and Southeast Asia in the coming fiscal year.Catherine Logan, Regional Vice President of EMEA & APAC at GBTA, projected a promising outlook for India’s business travel spending, forecasting a return to pre-pandemic spending levels by 2025 and a potential surpassing of pre-COVID levels by 2027, indicative of the country’s resilience and growth potential in the corporate travel sector.
“India will fully reach pre-2019 spending levels by 2025 and is expected to reach 120 per cent of its pre-COVID business travel spend in 2027,” she added.
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