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Chapter 1: Global Price Changes
Asia Pacific pricing sees highs and lows
- Average prices for hotel rooms across Asia Pacific fell by 6% from the first half of 2010 to the first half of 2011, with the HPI for Asia Pacific for Q2 2011 now standing at 105. However, individual markets in the region showed marked differences, presenting a mixed picture of results.
- Key findings in the report show that reduced occupancy and falling demand in Japan after the earthquake disaster pushed hotel rates downward. The disaster also had a knock-on effect in other parts of the region as the important Japanese outbound market temporarily changed travel preferences. In addition, China’s hotel prices fell compared to a year ago mainly due to the expected weaker demand in Shanghai and the surrounding region. Last year’s World Expo saw a spike in prices and accommodation supply in the Shanghai region.
- Despite these downward price pressures, there have also been clear rises in rates paid in many places. For example, continued strong inbound business and leisure travel to Hong Kong caused hotel stays to become more expensive. Many Australian cities also noted high occupancy and rising prices, as corporate travel continued strongly and the Australian dollar remained high for tourists.
- Overall lower average prices paid for hotels in the region means good news both for travelers coming into Asia and for travelers within Asia. During this period, consumers travelling to Asia have benefitted from the favorable exchange rates in many of their currencies. One note of advice to travelers is to search and compare alternatives, as individual markets exhibit different trends.