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Chapter 1: Global Price Changes
Overall price falls despite growth in Chinese economy
- Asia was the only region to experience a notable drop in its overall rankings. In 2011, the HPI for Asia stood at 107, which was seven points higher than at the launch of the Index in 2004 but still below its 2005 level (110).
- In real terms, this means, on average, prices paid by travelers for hotel rooms in Asia fell 2% from 2010 to 2011. Prices paid, and their pace of recovery, varied across the region. Large business and convention hubs, such as Singapore and Hong Kong, saw rates remain high due to healthy corporate travel demand and luxury hotel development.
- The growth of low cost carriers in some parts of the region also began to boost demand.
- Other areas suffered a decline. Popular Thai destinations, for example, did not fare as well because of the extensive flooding that spread throughout the countryís northern and central regions from July 2011 until reaching Bangkok in October 2011.
- Reduced occupancy and falling demand in Japan after the March 2011 earthquake drove hotel rates downward. The earthquake also had a knock-on effect in other parts of the region as fewer Japanese executives and tourists traveled abroad.