Taiwan is one of Asia’s rising MICE destinations, offering modern infrastructure, rich culture, scenic landscapes, and government support to host world-class business events and incentives. Photo Credit: Adobe Stock/Brown_Photo
Long stays and a decrease in average daily rates is making corporate travel to the Asia Pacific region more attractive, while locations with promising corporate interest are Taiwan, Hong Kong, Tokyo and Malaysia.
This is according to corporate accommodation provider SilverDoor's latest Market Update, a quarterly review of the global travel landscape and serviced apartment trends. Alongside an increase in interest in Taiwan, Hong Kong, Tokyo and Malaysia, SilverDoor said it had also seen a noticeable uptick in demand in both Taiwan and Taipei. Other key findings include:
A slowdown in Singapore requests is driving rates down in APAC
Average daily rates (ADR), defined as the average price a room is sold for, have decreased the most in the APAC region. SilverDoor says the APAC results are likely driven by a sustained lull in Singapore volumes, where current ADR of S$243 (US$189) is 34% lower than it was this time last year.
ADRs are lower across the board, both compared to the same period last year and last quarter. In the Americas ADR was US$193, down 10.9% year-on-year and 9.1% compared to the last quarter, while in EMEA, ADR is holding steady, at £148 (US$201), a 1.3% decrease compared to last year.
The average length of stay in APAC remains the same
Data shows 62-night stays are the norm, just one night shorter compared to last year and one night longer when compared to the last quarter. It’s a similar story in the Americas, where the average length of stay is currently 65 nights, indicating that booking behaviour hasn’t been too affected by the change of US administration.
There was a 17-night shortening for bookings in EMEA compared to the previous quarter, with SilverDoor saying that businesses seem to be opting for shorter trips, perhaps aimed at minimising risk amidst continued conflict in the Middle East and Eastern Europe.
Lead times in APAC remain roughly the same
APAC average lead time is 38 nights (one night shorter year-on-year and three nights shorter compared to last quarter) and the average in the Americas is 48 nights (one night shorter year-on-year and the same quarter last year).
In EMEA, average lead times are 45 nights: four nights longer year-on-year and eight nights longer for the same quarter last year). This aligns with average length of stay trends as trips to higher-risk locations may need longer planning and approval windows.