Trading internationally online is not only a necessity but also an extremely lucrative practice for any Asian retail business, but there may also international buyers closer to home, in the form of tourists. While the importance of having an online presence cannot be ignored, tapping into the tourism market can be a very worthwhile venture. As a result, having a basic knowledge of the habits of tourists in Asia and the potential market that is present could open the door to further success for your retail business.
Tourism in Asia – Spending Habits, and Market Data
The tourist market in Asia has been a robust and steadily increasing economic success, even continuing to rise during the recent global economic difficulties. Global tourism itself is a consistently growing market, and with more and more people having access to cheaper and more affordable travel options, the number of international tourists is now over 500 million. The result of this is that tourism in Asia in particular accounts for 40% of the GDP for tourism spending globally, and the market is continuing to increase according to sources published last year. Combining this with Asia’s already fast growing economy in general paves the way huge potential for retail businesses based in or near tourist areas, which many are capitalising on. Additionally, this could also become increasingly relevant for areas that are not in current tourist hotspots – as the tourism market develops itself, and the influx of tourists begins to diversify and shift around the region, retailers in many areas will be able to capitalise on this opportunity to increase business and cater for global tourists.
Julie Worth enjoys combining her passion for writing from her years in retail and business management with motherhood.