Tourist prices drop markedly in second quarter

Tourist prices dropped markedly in the second quarter of 2020 in response to collapsing market demand.
According to the official data, the Tourist Price Index for the second quarter dropped by 4.97% year-on-year to 121.70, with the decrease mainly attributed to lower hotel room rates and falling prices of clothing. At the same time, dearer prices for jewelry and higher airfares offset part of the decrease.
In comparison with the previous quarter, the Tourist Price Index dropped by 10.83%, on account of a substantial decrease in hotel room rates amid the coronavirus pandemic.
The Tourist Price Index reflects the price change of goods and services purchased by visitors.
Visitor arrivals have been at near-zero levels since the mainland suspended group tour visas and Individual Visit Scheme permits for its own residents in late January. DB