According to a report released by the Hawaii Tourism Authority, there were a total of 769,047 visitors arriving in the Hawaiian islands in March 2013, or a 7.6 percent increase as compared to the same month a year prior. These visitors spent $1.3 billion, or an increase of 7.8 percent as compared to March 2012. However, as amazing as the month of March and the entire first quarter of 2013 has been in terms of tourism, experts and officials caution that the rapid growth can not continue for ever due to accomodation and pricing constraints. Mike McCartney, the president and CEO of the Hawaii Tourism Authority, stated, “Spending and arrivals have been on the upswing, but there has been a decrease in visitor average length of stay for markets like U.S. West and Canada, which could be an indication that visitors may be reaching their spending threshold. Furthermore, the reduction of (air) service from the U.S. East and U.S. West and the weakening Japanese yen could also have an effect on arrivals and spending this year.”
McCartney continued, “We won’t see the growth rate that we’ve seen the last year and a half, but we’ll probably still see single-digit growth this year. I’m more concerned about what is going to happen in 2014. That’s when we could see the impact of the airline changes. We’re getting close to the tipping point. Over time we will need to support the growth of our economy and our base. I see that growth in Ko Olina and in Waikiki renovations and in the neighbor islands. We also need to refresh inventory and realize that at some point in the future, we will have to offer more value.”
Senior vice president and director of operations for the Starwood Hotels & Resorts, Keith Vieira, added, “It’s usually never one thing that turns the market. It’s when we have two or three or more major things happen. We’ve got a few clouds on the horizon. It looks to be minimal at this point, but you never know. We have to stay vigilant to keep the momentum in the market.”
Source: Honolulu Star Advertiser, 4-26-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
