Confidence in this sector remains high, driven primarily by resurgent regional economies. The mainland Chinese are travelling outbound in large numbers, boosting hotel occupancy and visits to theme parks and attractions.
Tourist arrivals in the region advanced with Hong Kong recording a jump in monthly arrivals, boosted by mainland China traffic. While overall room occupancy remained flat, hotels were able to boost rates, with Hong Kong and Singapore leading double-digit gains. Also, we are seeing a jump in new hotel room supply, with some 310,000 rooms in the pipeline, compared with 130,000 in Europe.
The industry continues to grow with new hotels and resorts, and the expansion of theme parks and attractions. As the number of job vacancies continues to exceed the talent pool, employers are under pressure to devise strategies to attract and retain the best talent.
China's domestic and outbound travellers continue to surge, with most national tourist offices targeting this very lucrative segment by rolling out new and exciting attractions.
As profits rise, salary levels will continue on a steady upswing.
While traditionally thought of as not a particularly high-paying industry, a recent TMS Salary Report showed that hospitality came up as the second highest-paying sector in the travel and tourism industry.