Northeast Asia’s Online Travel Boom: Bookings to Hit $30B by 2026

Northeast Asia’s travel industry is on a strong recovery path, driven by China’s resurgence as a key influencer. In 2024, increased outbound travel from China boosted visitor economies in South Korea, Hong Kong, and Macau, though Taiwan saw a more modest impact. In September, China, Japan, and South Korea set a joint target of 40 million inbound arrivals by 2030. By November, China eased cross-border travel restrictions with Hong Kong and Macau, streamlining entry processes.

Airlines have revived dormant routes and introduced new regional connections, while hotels saw their strongest performance since 2019, despite ongoing pressure on rates. Rail and car rental bookings benefited from growing demand for experiential travel among domestic and international tourists. However, overall travel growth still trails 2019 benchmarks, which remain a key reference for governments tracking recovery.

According to Phocuswright’s Northeast Asia Travel Market Report 2023-2027, total travel bookings surged 116% in 2023, reaching $44.6 billion. While growth is expected to moderate, projections indicate a 15% increase in 2024, bringing bookings to $51.3 billion, and reaching $60.3 billion by 2027.

The region’s travel landscape is rapidly shifting toward digital bookings. In 2023, online gross bookings hit $21.3 billion, surpassing pre-pandemic levels of $15.6 billion. Forecasts suggest online bookings will break the $30 billion mark by 2026, with a 57% penetration rate. AI-driven travel solutions and smart-tech innovations could accelerate this growth, reinforcing Northeast Asia’s reputation for rapid adoption of digital travel services.

Tags: phocuswire, SyndicEx250323B

Northeast Asia’s Online Travel Boom: Bookings to Hit $30B by 2026

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