Mark Pinkstone/Former Chief Information Officer of HK government
Hong Kong is clawing back to its former crowning glory as a world tourism destination with preliminary arrival figures for 2024 showing a healthy 40 million visitors, a 31 per cent increase compared with the previous year.
But it still has a long way to catch up with the world leader, France, which received 80 million visitors last year.
According to the Hong Kong Tourism Bureau, Hong Kong welcomed about the 40 million visitors, the majority of whom came naturally from the mainland (domestic tourism) and Southeast Asia (international market) which showed a 44 per cent increase over the previous year. And, collectively, they added some HK$207.3 billion to the city’s coffers.
As Hong Kong enters the Year of the Snake, the future looks bright and with a modest 15 per cent expected increase the city can expect some 46 million visitors spending $240 billion on hotels, tours and shopping this year.
In days, not so long gone by, Hong Kong was one of the world’s leading tourist destinations. It was known as the Pearl of the Orient and was a mixture of the East meeting the West. With English being the lingua franca of the tourism industry coupled with the provision of excellent service and efficiency, Hong Kong became the destination of choice. In 1965, it received 65.5 million visitors, the highest on record. In May 2023, Hong Kong was hailed as the Most Popular Cultural Tourism Destination at the Guangzhou International Travel Fair 2023.
The most popular attractions in Hong Kong are the Peak as Hong Kong’s number one tourist destination featuring the Peak Tower and the historic Peak Tram; Tian Tan Buddha (Big Buddha), as a major attraction on Lantau Island, along with the Po Lin Monastery and the fishing village of Tai O; the Hong Kong Skyline along Victoria Harbour, with nicely developed promenades and leisure parks on both sides; the Star Ferry with over 24,000 reviews; the Pandas at Ocean Park; and Hong Kong Disneyland as one of the world’s most beautiful theme parks, ranked 7th most popular globally by Forbes. And, according to Time Out magazine, Hong Kong is the world’s safest city, Hollywood Road is the world’s second coolest street, and Bar Leone is the best bar in Asia.
Then came 2019, Hong Kong became the target of insurgence attacks inspired by foreign powers. Riots broke out in the streets, and there were arson attacks and killings. No one wanted to visit Hong Kong. The flames of insurgency were fuelled by foreign governments advising their nationals not to visit Hong Kong for safety reasons. Quicky on the heels of the riots came COVID-19, and the world was in shut-down mode. By 2021, tourism was virtually obliterated with only 9,000 visitors and 60,000 the following year. Recovery started in 2023 with 23.34 million visitors.
As Hong Kong has no natural resources to sustain its viability, tourism has become a cornerstone of its economy. Another is trade.
It is therefore essential that the entire Hong Kong community extend a hand of welcome to our guests, for they are providing our bread and butter. Indifference towards our northern guests or towards various religious groups should not be tolerated. As a direct result of the problems of 2019-22, hundreds, if not thousands, of small and medium size enterprises (SMEs) have closed due to lack of business and their shops remain desolate among the survivors. The number of corporate bankruptcies (the number of winding-up orders) in Hong Kong in 2021 increased by 23.93 percent to 290, and a further increase by 3.44 percent to 300 in 2022. We have much to thank our visitors for: survival.
In his policy address last year, Chief Executive John Lee Ka-chiu said the government would release plans to invigorate the tourism industry. And in December, it did.
Known as Development Blueprint for Hong Kong’s Tourism Industry 2.0 (Blueprint 2.0), the document presents three key messages – that Hong Kong is an international tourist city with the advantage of being backed by the motherland; that everyone can contribute to the development of tourism in Hong Kong; and strengthen our traditional tourism advantages including world-class tourist attractions, cuisine, urban managements and transport systems.
The average length of stay by inbound visitors is approximately 3.6 nights, with the highest period of stay being 6.5 nights in 2021. Part of the new strategy will be to entice them to stay longer by providing value-added services and attractions.
It is a plan put together by the industry for the industry under an initiative by the government and with research input by the think tank, Our Hong Kong Foundation. The thoroughness that went into the Blueprint 2.0, including more than 1,000 suggestions from more than 110 trade organisations indicates the passion in which the industry and the government can work together for the betterment of Hong Kong and its people.
Mark Pinkstone
** The blog article is the sole responsibility of the author and does not represent the position of our company. **
Without a doubt Hong Kong is a major player in global financial markets, an accolade that is being further enhanced with the city’s rising status as the top arts hub in Asia with global recognition in its sights.
International attention is focused on Hong Kong during March as it hosts a series of art-related events culminating in the world-acclaimed Art Basel Hong Kong 2026. For Hong Kong and, indeed, the art world, this is a major event where outstanding works of art are displayed and sold.
Art Basel Hong Kong kicked off locally in 2013 and has become a prominent flagship on the city’s international calendar every year thereafter. And it brings in thousands of visitors. Last year, for example, it featured 240 galleries from 42 countries and regions, attracting 85,500 visitors, half of which travelled to Hong Kong for the event. Another 240 galleries from Australia, Japan, Turkey, the Netherlands, France, Georgia, Spain and the United States are taking part in the exhibition this year.
A curtain raiser to Art Basel is the home-grown Art Central along the Central harborfront, which featured some 117 galleries with 500 artists from around the world. That makes 357 galleries featured in these two exhibitions this week.
This highlight of Hong Kong’s event calendar is a boon for our tourist industry, attracting several million visitors in a single month. Hotels are booked to capacity and bars and restaurants report an additional 15-20 per cent increase in revenue during the month. Government economists estimate that every 1.5 million tourists add HK$3 billion to Hong Kong’s Gross Domestic Product (GDP).
Since its inaugural edition in 2015, Art Central has established itself as a leading platform for innovation in contemporary art, advancing the profiles of artists and galleries and reinforcing their presence within the international art landscape.
It was Betty Fung Ching Suk-yee, CEO of the West Kowloon Cultural District Authority (WestK) who noted that the cultural industry is closely connected with finance, as family offices are increasingly looking to invest in art in Hong Kong.
“We could also work with financial institutions to encourage more of their clients to become art collectors,” she said. “It’s not going to be overnight, you might first become a member of a museum, then a patron, then you might start to buy or even donate.”
Having already developed a reputation as an art trading centre, the city is now making its mark as an arts and cultural hub, led by the continued development of WestK.
These two art exhibitions are in a place where new talent is discovered. Collectors generally buy art from well established artists like Pablo Picasso, who has a collection of about 30 pieces of his works on display at the Hong Kong Convention and Exhibition Centre. These art pieces are regarded as minor works and can be purchased for several thousand US dollars.
The art market has fully recovered from the declines due to the COVID outbreak and in 2024 sales of art works through auctions and private negotiations reached about US$39 million (HK$300 million).
The art market is full of artists that have yet to gain a following or break into the blue-chip world. Up-and-coming artists often produce top-tier quality works for a fraction of the price of blue-chip pieces because they don’t yet have the name recognition. Up and coming artists who have won competitions organised by the Sovereign Art Foundation and others have made the first step to such recognition.
Knowledge of the art world and art market is helpful, so beginners are not likely to stumble upon the next Andy Warhol. This form of investing is highly speculative compared to investing in old masters or blue-chip work. The exhibition is a showcase for new artists to make their debut to the international buyers and collectors looking for new talent with potential.
Hong Kong’s West Kowloon arts hub has signed agreements with 12 international institutions from Australia, the UK, Saudi Arabia and elsewhere, paving the way for future collaborations as the city seeks to strengthen its role as an East-meets-West cultural hub. This will help bring more international performances to the city, showcase Hong Kong productions to global audiences, support the exchange of talent and more. The agreements were signed during a two-day International Cultural Summit held in conjunction with the cultural festivities.
But the agreement which cements Hong Kong as the arts hub of Asia was that signed by Art Basel of Switzerland to continue holding Art Basel Hong Kong for the next five years.
The collaboration with Art Basel for the next five years is the result of sustained investment in Hong Kong’s role as a global financial centre, collaboration and a shared commitment to make Hong Kong a place where the arts can truly flourish.
Internationally acclaimed artists bring fame to Hong Kong, a melting pot where culture transcends borders. And even without such major events, Hong Kong’s array of galleries along Hollywood Road is a living museum of fine arts, a major tourist attraction in the city.
