The Hong Kong Tourism Index is a predictive tool for the tourism industry that utilizes advanced technology and analysis techniques. It incorporates over 20 travel-related influencing factors, statistical models, and sentiment analysis on social media. The index employs Wisers AI's big data platform and Chinese Natural Language Processing technology, as well as statistical modelling capabilities from Wisers and HKUST. The index may provide valuable insights to researchers, industry participants, and policymakers by predicting future travel-related figures and trends in Hong Kong.
Hotel Avg. Daily Rate0
The Composite Index consists of 3 component indexes, namely Visitor Arrivals (from the Mainland), Hotel Occupancy, and Hotel Average Daily Rate, with weights of 0.5, 0.25, and 0.25 respectively. This creates an overall assessment of the tourism interest in Hong Kong. The base period of the index is 2018, that is, the index for the average of 2018 is set at 100.
The Hong Kong Tourism Index is a resource for governments and organizations involved in the tourism industry sector, including those investing in, operating, or partnering with companies in this sector. The index can be leveraged to support a multitude of use cases, such as industrial research, business planning, brand management, competitive intelligence, risk management, prospecting, and investing. Its versatility and comprehensiveness make it a tool for informed decision-making and strategic planning in the dynamic and ever-evolving tourism industry.
The number of travel-related influencing factors built into a complete theoretical framework
The average daily data volume collected from various media sources, such as online travel agencies, travel forums, and social media platforms frequently used by Chinese travelers
The accuracy of the final prediction results
In recent years, social media has emerged as a critical resource for analyzing target demographics and identifying trends across a range of industries. Despite its utility, the sheer volume and wide-ranging nature of social media data can present significant obstacles to effective data analysis.
The Hong Kong Tourism Index is created through a multi-step approach that leverages advanced Natural Language Processing (NLP) techniques. By analyzing social media posts related to Hong Kong tourism, the algorithm automatically identifies the travel-related influencing factors and assigns appropriate tags. The tagged data are then used to create a time series, which is combined with exogenous data to establish a multiple linear regression prediction model. The model utilizes historical data on visitor arrivals, hotel room rates, and hotel occupancy to accurately forecast future trends. The resulting predictive index is powered by big data and is capable of achieving a mean absolute percentage error as low as 4%.
Finance730: 香港財經新聞慧科夥科大推香港旅游指數 預測本港酒店房價變化誤差僅4%
RTHK Radio 3 - BackchatAudio Clip of Interview with Prof. Kai-Lung Hui (from 28":20')
經濟通ET Net財經生活網科大慧科合推AI「旅遊指數」 證港旅遊業正復甦
RTHK English NewsNew index launched to predict mainland visitor numbers
RTHK 中文新聞7月旅遊指數按月升近18% 反映本港旅遊業仍在復蘇
South China Morning PostHong Kong to welcome nearly 4 million mainlanders this month, AI-driven index predicts
觀點Guandian Property & Co.香港旅游指数7月按月升近18%
香港酒店業協會 HKHA科大與慧科聯手推出本港首個前瞻性旅遊指數 人工智能分析訪港意欲 支持旅遊業復甦
Hong Kong University of Science and Technology (HKUST)HKUST Signs MoU with Wisers for Business and Social Issue Research Using Massive All-Media Big Data and AI
Wisers-HKUST Tourism Index (the “Index”) is a project jointly developed by Wisers AI of Wisers Information Limited and the Center for Business and Social Analytics (“CBSA”) of HKUST Business School. Discrepancies between the information presented in the Index and other applications, analyses, studies, articles, and publications may exist due to the different methodologies of processing the material in accordance with different purposes.
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