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Taiwan's tourism industry is in a major recession, with 10 hotels experiencing revenue collapse. The end of this year is critical

2024-08-22

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According to Taiwan's China Times, after the epidemic, the so-called "retaliatory tourism" was fully reflected in outbound travel. As of July, the number of people leaving Taiwan has approached 10 million, while the number of inbound travelers is less than half of the number of people leaving Taiwan, at just over 4.3 million. Research institutions have counted the revenue of the island's accommodation industry and found that 10 major hotels or inns, including Farglory, Laoye Zhiben, and Rocky, have experienced an alarming decline.

The decline in Taiwan's tourism industry may be more serious than expected. According to a report by Taiwanese media "ET today", the Forward-looking Tourism Policy Research Office analyzed and counted the revenue of Taiwan's listed tourism industry in July, including the 10 major hotels or inns such as Huayuan, First, Caesar, Farglory, Chateau, Fuye, Taoxi, Lealey, Laoye Zhiben and Rocky. Compared with the same period last year, the revenue of 8 hotels in July this year declined. Among them, Farglory had the largest decline, with a revenue of more than 220 million yuan (New Taiwan dollars, the same below) in July, compared with more than 840 million yuan last year, a decrease of more than 70%; compared with the pre-epidemic period, it also dropped by 60%. The revenue of Fuye and Lealey in July also fell by 40% compared with the same period last year.

"Overseas tourists have not returned yet, and people are leaving Taiwan again," scholars are worried. The island's accommodation industry is not operating well, and the tourism deficit continues to expand. The period from the end of this year to the beginning of next year is quite critical.