Southeast Asia tourism rebound to continue in 2024, analysts say

Maybank Research predicts singled out Malaysia, Singapore and Thailand for the fastest recovery in 2024.

Maybank Research has released a report analysing the growth prospects for Southeast Asia’s tourism industry. It highlighted expected growth in Malaysia, Singapore and Thailand.

The report anticipates a 27 per cent growth in visitor arrivals to ASEAN-6 countries by December, reaching 98 per cent of pre-pandemic levels.

In November 2023, visitor arrivals had reached 77 per cent of pre-pandemic levels. Looking ahead, Maybank expressed optimism that numbers will surpass government targets in Indonesia, the Philippines and Malaysia. However, analysts pointed out the Asia-Pacific region saw a deceleration in its tourism recovery in the second half of 2023.

Maybank predicts a return to pre-pandemic levels for outbound Chinese tourists by late 2025, noting that Chinese tourism to ASEAN had only recovered to 38 per cent of pre-pandemic levels in November 2023. It believes that increased flight capacity, lower fares, and visa waivers for Chinese citizens will help improve the situation.

See also: Chinese outbound tourism recovery to be slower than expected: Nomura