News roundup: Thailand is top Asian destination choice for European tourists, plus other news

For PropertyGuru’s real estate news roundup, Thailand is the top destination in Asia among European tourists. In other news, Japan’s economic decline in the first quarter of 2024 may not be as severe as initially reported; Metro Manila’s mall developers and retailers must work together to innovate.

Thailand top choice in Asia for European tourists: Agoda

Thailand is the top destination in Asia among European tourists, followed by Indonesia, Japan, Malaysia, and the Philippines, according to a survey by international online travel booking Agoda as reported in VietnamPlus.

Agoda’s senior country director for Thailand Pierre Honne shared that European tourists search Agoda for hotels in Phuket the most, followed by Bangkok, and Krabi.

Agoda’s statistics also showed that the number of Europeans searching for hotel deals in Asia on its website has increased by 52 percent from last year. Most of them are from the UK, France, Germany, Spain, and the Netherlands.

Japan’s Q1 2024 capex rises, suggesting upward revision to poor GDP

Japanese companies raised spending on plant and equipment in January-March, helped by demand for automobiles and labour-saving investment. It suggests the economic decline in the first quarter may not be as severe as initially reported.

The data also points to a pickup in private sector-led growth. Japanese corporate capital spending rose 6.8 percent in January-March from the same period from a year earlier, Ministry of Finance data showed on 3rd June in CNA.

That represented the 12th straight quarter of gains, although the pace slowed from the previous quarter’s 16.4 percent, and it fell 4.2 percent on a seasonally adjusted quarterly basis, showing momentum is patchy.

Philippine retail industry: Innovate or evaporate

Mall operators are aggressively renovating and upgrading their leasable retail spaces to attract more consumers. Philippine and foreign brands continue to occupy mall space with some retailers even making a comeback to the Manila retail landscape by locating both in stand-alone malls and transit-oriented shopping centers. Pockets of renovation and total mall redevelopment are visible all over Metro Manila as landlords and retailers aim to sustain footfall and consumer spending despite dissipating impacts of revenge spending.

For the Metro Manila retail sector, innovation is the name of the game. Mall developers and retailers need to work together to challenge the status quo. As BusinessWorld reports, Colliers expects the aggressive transformation of retail spaces as operators scramble to attract new foreign retailers and sustain footfall. These efforts, along with fierce competition amongst stakeholders, should eventually benefit Filipino consumers.

The Property Report editors wrote this article. For more information, email: [email protected].