Page 48 - NO.155銀行家雜誌

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的80%。亞洲目前的入住率徘徊在49%左右， 售商們也是一個好消息，事實上，免稅店是
還有很大的追趕空間。 亞洲為數不多、表現優於全球的行業，因為
遊客恢復出遊後，鐵路公司將獲益於 重新開放前，亞洲消費者的購物範圍侷限於
更多的市內及城際出行。香港和日本是兩個 國內。雖然中國重新開放的進程緩慢，但韓
典型的擁有龐大鐵路交通網絡和可投資領域 國旅遊零售商競爭力逐漸增強，在疫情前所

的例子，這兩個經濟體此前都受益於旅遊業 占的市場份額就已經在上升，並且有望借助
的繁榮。與全球同業相比，歐洲的運輸服務 重新開放的東風進一步增長。
（以德國鐵路和法國國家鐵路為例）在2022 隨著各經濟體內部的出行活動恢復正
年第二季已經達到超過疫情前16%的水準，亞 常，化妝品需求也出現反彈，而入境旅客會
洲仍低於歐洲，目前在疫情前水準的72%。 帶來另一波增長高峰。2022年第二季，歐萊
在旅遊消費方面，預訂平台、旅遊零售 雅和雅詩蘭黛的收入分別達到疫情前水準的
商和化妝品公司將會看到強勁的需求。國際 119%和124%，資生堂和愛茉莉太平洋分別
預訂平台的收入已恢復到疫情前水準的97% 處於疫情前收入水準的84%和79%。從中可以
和88%。專注於中國的旅遊平台自2011年後 看出，亞洲化妝品製造商落後於全球同業，

擴張了10倍，但當前收入水準僅恢復到疫情 但由於收入主要來自於亞洲，這些公司在重
前的51%。遊客數量回升對於經營免稅店的零 新開放的過程中將處於更好的位置。

will benefit from more intra-and-inter-city trips. Hong sector whereas Asia performs better than its global
Kong and Japan are two examples of Asia with large peers. The reason is the spending power of Asian
railway networks and in the investable universe, consumers are trapper domestically. While China is
and both benefited from the tourism boom before. slow in reopening, Korean travel retailers saw growing

Compared to global peers, European transit services market share before the pandemic and can bank on
(Deutsche Bahn and SNCF) have returned to 16% the recent reopening trend.
above the pre-pandemic level in Q2 2022, outpacing The demand for cosmetic products will also
72% in Asia. rebound as domestic reopening means normalized
Regarding travel spending, booking platforms, consumer activities and inbound tourists will serve
travel retailers and cosmetics firms will see robust as another boost. Focusing on pure cosmetic firms,
demand. International booking platforms have L'Oréal and Estee Lauder has seen their revenue
recovered to 97% and 88% of the pre-pandemic level. reach 119% and 124% of the pre-pandemic level in Q2
China-focused firms have expanded ten times since 2022. However, Shiseido and Amorepacific were still

2011 but only returned to 51% of the pre-pandemic at 84% and 79% respectively. It shows Asian cosmetic
level. The higher number of tourists will also benefit makers are lagging global peers, but they are best
travel retailers operating duty-free stores. It is a rare positioned to capture the reopening opportunities as

48 台灣銀行家2022.11月號

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