Maybe it’s the fact that there are vending machines that dispense solid gold. But Dubai is significantly outpacing all other cities when it comes to how much money overnight visitors are spending.
Last year, its 14.9 million visitors parted with $28.5 billion, according to the Mastercard Destination Cities Index. Even though New York and London are magnets for shoppers, both cities lag far behind Dubai, with visitors spending $17.02 and $16.09 billion respectively last year.
While Bangkok is the most popular destination overall – with 19.4 million visitors last year – those visitors spent just under half of what was spent in Dubai.
Almost 90% of visitors to Dubai travelled there on leisure rather than business, and it would appear that a significant part of that leisure time is spent shopping.
Visitors to Dubai spent 31% of their total expenditure on shopping, even more than was spent on accommodation, which accounted for 29% of the total.
Compare that to Paris, where visitors spent 45% of their budget on accommodation and just 16.6% on shopping. In New York visitors spent 31.8% on accommodation and 21.4% on shopping.
Growth in international travel and spending has far outperformed growth in GDP.
Since 2009, the world’s real GDP, as measured by the IMF’s World Economic Outlook, has grown by 21.8% in real terms.
But the total number of overnight visitors increased by 55.2% and their spending increased by 41.1%, over the same period.
Amongst emerging travel hotspots, Osaka in Japan is the world’s fastest growing destination. Bucharest is the fastest growing destination in Europe and Miami in holds the honour in North America.
Amongst the world’s top 10 destination cities, only New York is forecast to have a small drop in visitor numbers in 2017.
Source: These are the cities where visitors spend the most cash | World Economic Forum
Governments most exposed to coronavirus have strong fiscal and external buffers
Moody’s baseline assumption is that the economic effects of the outbreak will continue for a number of weeks, after which they will tail off and normal economic activity will resume.
As measures to contain the coronavirus and fear of contagion hit consumption and production, downside risks to our GDP growth forecast for China (A1 stable) have increased., says Moody’s Research Announcement.(more…)
Bank cuts Thai 2020 GDP growth outlook to 2.7%
SCB’s Economic Intelligence Center (EIC) has released its latest growth forecast, at 2.7 percent, showing a slow recovery from just 2.5 percent economic growth in 2019
SCB’s Economic Intelligence Center (EIC) has released its latest forecast, indicating that the Thai economy at the end of 2020 will have grown by 2.7 percent, showing a s recovery from just 2.5 percent economic growth in 2019, thanks to a better performing export sector and improved global economy.(more…)
BOI steps up investment promotion measures in the EEC
The measures will be in effect from January 2, 2020, to December 2021. Applicants can sign up for the new privileges, with no deadline set for registration.
APRIL International Care opens up TeleHEALTH service to address Coronavirus worries
The TeleHEALTH service means policyholders do not have to leave their home or workplace to “see” a doctor, with a...
Thailand rolls out New Investment Measures to Boost Economy
The new definition of qualified applicants now includes businesses that have not previously received BOI promotion privileges as long as...
Thailand among top five countries for salary hikes
Thailand is among the top five economies in the world to see real salary increases and is likely to see...