What does tourism do for us? Statistics tell a vivid story. Tourism income produces eight per cent of our GDP and employs 12 per cent of our labour force. Tourism in the region will expand over the next decade from 14 per cent of the world total to 20 per cent of the world total. By 2005 tourism will be generating US$7,200 billion (HK$55,656 billion) globally.
Hong Kong must get a fair share of that amount to spur on our overall economic development.
In 1996, a bumper year for travel to Hong Kong, our direct take of the international tourism proceeds was US$12 billion from 11.7 million visitors. This year, however, our take could be as much as a third less.
Back in the 1960s and 70s our tourism was anchored in cheap shopping. Remember the infamous 24-hour suit that might also come unravelled at the seam in, well, a day and could shrink two sizes in the rain? Remember also American soldiers on furlough who seemed to have money to burn? By the 80s, shopping as the main allure was supplanted by transient visitors in stopovers to and from China.
Today, with our higher standard of living forcing up prices, competition from other Asian destinations and direct flights into the mainland, we have surrendered our advantages. We are no longer a bargain and certainly not exotic anymore.
The depreciation of other Asian currencies does not help our cause as we price ourselves further out of the league for budget travellers.