HalalBooking saw US$2.5 million of new cash invested in July at a company valuation of US$102 million in the next stage of its Series B round.
This is added to the US$5 million convertible loan invested in 2021, which has now been converted into Series B shares at a 20 per cent discount from the above valuation – totalling US$7.5 million for the round so far. Capped at a maximum of US$10 million to be completed by the end of the year, leaving US$2.5 million available as a headroom amount to be subscribed to at the same valuation.
Seyidli: this investment will help us to accelerate our 2023-24 growth and reach our US$1 billion unicorn goal sooner
Elnur Seyidli, CEO of HalalBooking, said: “This is still a relatively small angel round and the company’s cap table remains mostly under the ownership of the founders. This investment, combined with cash we generate from our healthy 17 per cent profit margin, will help us to accelerate our 2023-24 growth and be in a stronger position to reach our US$1 billion unicorn goal sooner.
“There is a lot of interest from institutional investors, who have been closely watching our growth since the pandemic, which is leading us to consider a larger, institutional US$30-40 million Series C round to further accelerate our growth rate. This would increase the likelihood of reaching the US$1 billion goal in three to four years, rather than in, say, six to seven years of more organic growth.”
The company is already seeing significant growth in 2023, enjoying a record sales month in July, reaching US$10 million in sales, a 45 per cent growth compared to July 2022.
HalalBooking recorded sales of US$52 million in 2022, with the forecast for 2023 estimated at US$75 million – the company aims to reach US$600 million sales in four to five years.
Klook’s Travel Pulse survey revealed that travellers are ready to spend big on travel. One in three millennial and Gen Z travellers are willing to spend more than double of the average monthly income in Asia (US$1,069) on their next holiday, which amounts to US$2,000 and more.
The survey was conducted in July this year with a total of 2,400 respondents across 12 markets including Hong Kong, Taiwan, Singapore, Malaysia, the Philippines, Thailand, Vietnam, South Korea, Japan, Australia, Mainland China and India.
Klook’s Travel Pulse survey revealed that travellers are willing to spend more on their next holiday
Eric Gnock Fah, chief operating officer and co-founder of Klook, said: “Embracing a new era of travel, experiences have emerged as a new coveted currency for the next generation of travellers, particularly among millennials and Gen Zs. Unique experiences and activities take precedence in their travel plans as the first thing they look at, with 85% of travellers willing to invest in experiences during their holidays.
“This remarkable shift is a testament to their increasing desire for authentic experiences, with their decisions fuelled by social media over traditional sources like search engines and travel guides before embarking on their next travel adventure.”
Experiences are millennials’ and Gen Zs’ new travel currency
As travel becomes more intentional, a majority of travellers are also prioritising experiences and making them a focal point of their trip, with 63% booking their experiences before they fly.
More than 90% of millennials and Gen Zs place importance on unique and memorable experiences during their travels, with 85% signalling a willingness to invest in them during their holiday. Notably, travellers from Thailand, Vietnam, Mainland China, and India lead the pack across Asia-Pacific, with a strong desire to spend more on nature and outdoor experiences like island tours, and cultural experiences such as visiting historical sites.
Surprisingly, Gen Zs, who are just beginning to embark on their careers, are not far behind their millennial counterparts in splurging on travel. One in five Gen Zs are willing to spend over US$3,000, slightly trailing one in four millennials who share the same sentiment. The biggest spenders across Asia-Pacific emerge from Mainland China (58%) and Hong Kong (39%), taking the top spots in willingness to spend beyond US$3,000 on their next holiday.
More price-conscious travellers originate from India, Vietnam, and the Philippines with the majority willing to spend below US$2,000, still more than double their average monthly income.
Social media will soon overtake traditional sources
Social media is the top inspiration tool for Gen Z travellers, with more than half using the platform to discover new destinations and experiences, favouring it over search engines and travel guides. While millennials still prefer to use search engines (59%), social media comes a very close second (55%) indicating its rising influence over how travellers seek out information.
In fact, nine out of 10 millennials and Gen Zs check online reviews before making their bookings, and rely on travel content recommendations on social media when planning holidays. Findings show that creating social media-worthy content is of utmost importance for a large majority of travellers (87%) – especially for travellers from India, the Philippines and Mainland China – and one of the main reasons for travel.
“The rise of social media as a travel inspiration and planning tool is largely due to their interactive nature, especially with short-form videos and mobile apps,” shared Fah.
“It has undeniably become a powerful and dynamic source of travel inspiration among millennials and Gen Zs. This lies in its ability to offer authentic storytelling and personalised real-time recommendations. This paradigm shift is indicative for the demographic’s desire for meaningful connections and seamless exploration.”
Millennials and Gen Zs opt for more intentional shorthaul trips
Majority of millennials and Gen Zs across Asia-Pacific are becoming more intentional travel planners, with 65% planning their holidays at least two to six months in advance. Travellers ranking highest among this bracket come from Singapore (74%) and Australia (57%), while nearly half of travellers from Mainland China, Vietnam, and Thailand prefer to make holiday plans in less than two months.
Additionally, millennials and Gen Zs are increasingly opting to travel closer to home domestically (60%) and within Asia-Pacific (30%). The top three destinations on the travel wish list are Japan, Thailand and Singapore. These findings indicate a rising trend of younger explorers putting focus on the desire to explore and seek new experiences over the actual destination itself.
Norwegian Cruise Line (NCL) has taken delivery of Norwegian Viva, the newest vessel in the now 19-ship fleet and the second ship in Prima Class, at the Fincantieri shipyard in Marghera, Italy.
Norwegian Viva is the second of six ships in the Prima Class set to debut through 2028 following the launch of Norwegian Prima in 2022. The ship will homeport in San Juan, Puerto Rico, for a season of Caribbean voyages from December 2023 through March 2024.
Norwegian Viva is the second of six ships in the Prima Class set to debut through 2028
The new 3,100-guest ship will showcase enhanced guest experience with elevated offerings like spacious designs, and new dining concepts like the Indulge Food Hall, an open-air food market featuring 11 unique eateries.
Highlights include the three-story Viva Speedway, The Concourse – an outdoor sculpture garden in Ocean Boulevard, and entertainment such as the at-sea debut of Tony Award-nominated production Beetlejuice, and the immersive game show experience, Press Your Luck Live.
Norwegian Viva will take her maiden voyage on August 10 then sail a series of Mediterranean and Greek Isles itineraries before her official Christening ceremony in Miami on November 28.
Latin Grammy artist Luis Fonsi has been named godfather to Norwegian Viva, who will attend the celebration to officially name the ship, along with other celebrities.
Singapore Airlines (SIA) will ramp up services to destinations across its network during the Northern Summer 2024 operating season (March 31, 2024 to October 26, 2024).
This includes restoring Airbus A380 services between Singapore and Frankfurt, deploying widebody Airbus A350-900 medium-haul aircraft on services to Cairns and Male, reinstating direct services between Singapore and Barcelona, and increasing flight frequencies to pre-pandemic levels across multiple points.
Singapore Airlines will ramp up services to destinations across its network for the Northern Summer 2024 season
Destinations that will reach or exceed pre-pandemic levels of flight frequencies include Ahmedabad (India); Beijing and Shanghai (China); Copenhagen (Denmark); Danang (Vietnam); Darwin, Melbourne, and Perth (Australia); Dubai (the UAE); Tokyo-Haneda (Japan); as well as Seattle and Houston (the US).
JoAnn Tan, senior vice president marketing planning, Singapore Airlines, said: “With the release of SIA’s Northern Summer schedules, our customers can plan ahead and start to make their travel plans for 2024.”
The National Association of Travel Agents Singapore (NATAS) has secured a record high of 12 NTOs for its second travel fair for the year over this coming weekend – the biggest destination showcase since the resumption of its public fairs post-lockdown.
NATAS Holidays 2023, taking place at Singapore Expo Halls 4 and 5 from August 11 to 13, will gather more than 60 exhibitors, featuring airlines, cruise operators, NTOs, travel agents and travel-related exhibitors, such as Etiqa Insurance for travel insurance plans.
NATAS Holidays 2023 will feature its biggest destination showcase since the resumption of its public fairs post-lockdown
As Destination Partner for NATAS Holidays 2023, Uzbekistan will bring together various craftsmen, national dancers and singers to engage with public visitors at booth 4H09/4H11.
This will be NATAS’s 58th edition of the travel fair.
Wild Life Sydney Zoo is bringing back its iconic Koala Breakfast after a three-year hiatus.
From August 18, guests will enjoy a guided tour of the zoo – where they will see iconic Australian animals including Princess the cassowary, Tasmanian devils, kangaroos, wallabies, a range of snakes, lizards and three freshwater crocodiles. The fun and interactive tour is followed by a hot buffet-style breakfast on the revamped Koala Rooftop.
Visitors can learn about koalas and take a photo with the cuddly marsupials
Animal lovers will be treated to an informative koala keeper talk before being able to get up close and personal with the koalas for a take-home photographic moment.
Breakfast with the koalas runs Friday, Saturday and Sundays, from 07.15 to 09.00.
Marriott International has made several new appointments to its Asia Pacific (excluding China) leadership team – Christina Chan as its chief financial officer, and John Toomey as its chief sales and marketing officer.
Chan, a 23-year veteran of the company, will oversee finance operations, asset management, compliance and owner relations; while providing counsel for the administrative finance, business analysis, and feasibility teams in the region.
Having been with the company for 27 years, Toomey will oversee the consumer strategy for Marriott International in the region in his new role, which includes brand management, marketing, sales, distribution, revenue management, loyalty, customer experience, digital and communications.
Andrew Newmark has also been appointed chief human resources officer, Asia Pacific (excluding China). With more than 30 years with Marriott, Newmark has been tasked with strengthening Marriott’s ‘People first’ culture and ensuring the business attracts, engages, and develops best-in-class talent and leaders at all levels.
Lastly, with over 25 years of experience in the industry, Oriol Montal has been appointed managing director, luxury, Asia Pacific (excluding China). This newly-created role underscores the company’s commitment to the growth and leadership of its luxury brand portfolio which include The Ritz-Carlton, Ritz-Carlton Reserve, Bulgari Hotels & Resorts, St. Regis Hotels & Resorts, EDITION, The Luxury Collection, JW Marriott and W Hotels Worldwide.
Raffles Hotels & Resorts has appointed Andrew Hartley as its new cluster director of sales and marketing, overseeing Raffles Hotel Le Royal and Raffles Grand Hotel d’Angkor in South-east Asia.
Based in Phnom Penh, Cambodia, Hartley brings more than 20 years of experience in luxury hotels around the world. He was most recently assistant vice president of strategic sales and marketing for Banyan Tree Hotels & Resorts in the Asia-Pacific based in Singapore.
South Korea will open a Korea Visa Application Center (KVAC) in Taguig, the Philippines on August 14, a move expected to reinvigorate outbound travel to what was once the top destination for Filipinos.
Philippine outbound to South Korea slowed down drastically when the latter implemented early this year the Online Visa Appointment System, with limited slots for accepting applications, and abolished the accreditation of 36 travel agencies authorised to submit applications on behalf of individual clients.
The Korea Visa Application Center is expected to reinvigorate travel from the Philippines to South Korea
The Korean Embassy in Manila announced that with the opening of KVAC at Brittany Hotel in BGC, Taguig, only applications with online reservations will be accepted during its pilot operation period between August 14 and 25.
From August 29, however, online reservations will no longer be required and walk-in visa applications will be accepted on any working day with no limit to the number of visa applications accepted per day.
Also from August 29, visa applications will be accepted at KVAC only if filed in person or through one of the 36 designated travel agencies for 2022, which remains valid. An updated list will be announced later as well as more details on the new visa policy and related information.
Prior to the announcement about the opening of KVAC, the embassy implemented on June 27 the accreditation of eight travel agencies for applying e-group visas for a minimum of three pax, with certain strictures.
Maria Paz Alberto, president of Ark Travel Express which is one of South Korea’s accredited agencies, said the opening of KVAC with the new visa application process “is a great move to increase tourism in their country”.
“This would mean that there will be an increase in the number of people flying to Seoul,” Alberto added.
The head of another accredited travel agency withheld comments pending the actual implementation of the new process, but said KVAC will simplify visa processing and, hopefully, it will be a better process.
Trip.com Group and Penang Global Tourism have signed a memorandum of understanding that extends their existing partnership to a global level.
Over the next three years, Trip.com Group’s platforms – including Trip.com and Ctrip – will promote Penang to travellers from global markets including China, Singapore, South Korea, Japan and Australia.
The partnership will see Penang being promoted to travellers from global markets on Trip.com Group’s platforms
Bo Sun, chief marketing officer, Trip.com Group, said: “Trip.com Group and Penang Global Tourism remain committed to developing a diverse range of products and expanding the market for Penang. With new travel consumption behaviours and trends that have emerged after the pandemic, we hope to leverage our strengthened collaboration to guide the destination’s tourism industry towards a rapid recovery, as well as achieve sustainable growth through innovation.”
“As we forge this historic bond with Trip.com Group, the first global partnership after pandemic and first in Malaysia, spanning up to 10 markets, we fortify our commitment to embracing the world with open arms,” added Chow Kon Yeow, caretaker Penang Chief Minister.
Having been with the company for 27 years, Toomey will oversee the consumer strategy for Marriott International in the region in his new role, which includes brand management, marketing, sales, distribution, revenue management, loyalty, customer experience, digital and communications.
Based in Phnom Penh, Cambodia, Hartley brings more than 20 years of experience in luxury hotels around the world. He was most recently assistant vice president of strategic sales and marketing for Banyan Tree Hotels & Resorts in the Asia-Pacific based in Singapore.
