Chart of the Day: Where have all the Indonesian tourists gone?
Weak visitor arrivals to spill into 1Q15.
A significant drop in Indonesia visitors (-8.2%) in October 2014 resulted from the continual volatility in the rupiah and a higher year-ago base.
According to a report by CIMB, the weakness was mitigated by the stronger Chinese visitor arrivals (+13.3%) as a result of the lower base in 2013 as the change in tourism law in China took effect in October 2013.
CIMB says that given the continual rupiah volatility, the slight impact expected from the recent QZ8501 incident and the lack of Singapore Airshow in 2015, visitor arrivals in 1Q15 could remain soft on a yoy basis.