Tourist arrivals to Asean grew 388% in the first six months of 2023, but slowed to 67% in the period of July to November. At 77% of pre-pandemic levels in November 2023, total visitor arrivals to Asean were modestly higher than at the start of 2023, which stood at 61% in Jan, the economists note.
While the recovery of tourism in Asean for the second half of 2023 “lost steam”, economists from Maybank Securities say that there will be “less sizzle in 2024” but still healthy levels of recovery.
In their Jan 19 note, the economists describe 2023’s tourism recovery in Asean as a “tale of two halves” in which recovery lost steam in the second half of the year largely due to the shortening of China’s revenge travel habits.
