By Andrew Fowler and Brian MacIver
Medill News Service
CHICAGO – U.S. travel executives, speaking on a panel at the Society of American Business Editors and Writers annual convention, pointed to China as the future driver of growth in the industry but said luxury high-end travel is being supplanted by more moderate tastes.
Mark Hoplamazian, president and CEO of Hyatt Hotels Corp., said the Chinese government’s austerity measures, imposed on the country’s elite two years ago, have boosted demand for Hyatt Place and Hyatt House, the company’s newest brands geared toward a less affluent professional class.
As such, the Chinese market has shifted from high-end products and services to wanting more affordable options.
Carnival Corp. CEO Arnold Donald, who says cruises are the most “cost-effective” vacation option believes China “is going to be the largest cruise market in the world.”
“China helps because you can move more ships there which creates relative scarcity in the other markets so you have demand in excess of supply,” said Arnold. He also said that average revenues per cruise in China are slightly above the fleet’s average.
Andrew Fowler from the Medill News Service has more.
