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China Tourism Tuesday Episode 14 image

China Tourism Tuesday Episode 14

China Tourism Tuesday
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16 Plays4 months ago

In today's episode, we discuss the Middle East, Arabian Travel Market, and Chinese travel to destinations such as Saudi Arabia, the UAE, Qatar and beyond. We talk about the future of travel and tourism in the Gulf and Middle East, and how policymakers and businesses can shape their vision of the China market - less impressed by big infrastructure, deeply moved by authentic ancient cultures.

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Transcript

Introduction to China Tourism Tuesday

00:00:02
Speaker
Hello and welcome to China Tourism Tuesday, discussion of marketing international tourism destinations in the China outbound tourism market.

Hosts' Locations: Franschhoek and Amsterdam

00:00:10
Speaker
My name is Charles Albertain and today I'm coming to you from Franschhoek in South Africa.
00:00:17
Speaker
Good day everybody. my name is Michael Jones and I'm coming to you from Amsterdam. So Charles, you're in Franschhoek, South Africa the moment. How did you end up there? Well, I'm ah here on a really nice farm called Ludus Magnus. It's ah it's a sort of situated right in the middle of the French hook wine producing region.

South Africa's Tourism Initiatives for China

00:00:39
Speaker
Honestly, beautiful views. um Just got talking to them a little bit about the China market. They're interested to kind of um know a bit more about China and what you know the the outbound market could do.
00:00:52
Speaker
Especially given now that South Africa has finally given figured out how to give ah Chinese tourist visas, um we actually might be able to have people coming through to this beautiful part of the world again.
00:01:03
Speaker
So I'm staying here for a night or two. helping them just to um take some content for you know my personal channel, um get them on the map, as it were, with Red Note.

Franschhoek Tourism Strategies

00:01:16
Speaker
Basically looking to put out some content featuring everything that they have here. And then once my followers and the broader Chinese, Red Note and Douyin and Bilibili and WeChat,
00:01:28
Speaker
Once they see what there is so on offer here in Franschuk beyond just your normal ah group tour, you know, being there, done, that got the t-shirt kind of product, then hopefully we get some great inquiries about how to book.
00:01:41
Speaker
And then, yeah, hopefully we take it from there with, um you know, Franschuk and also this really nice wine farm that I'm on right now. So, yeah, um basically enjoying this this space and looking to share it with China bit more.
00:01:56
Speaker
Yes, I can't imagine that places like Franschhoek, like Stellenbosch, all the iconic wine producing areas of South Africa, i can't imagine that they were ever up for, or I can't believe that there ever was much Chinese group tourism going into those areas in the first place.

Wine Tourism Appeal to Chinese Travelers

00:02:17
Speaker
for some other reason. um I certainly have seen myself a lot of ah family groups and FIT Chinese travelers ah enjoying South Africa's wine tourism, just as I can imagine you'd also see them in the main wine producing regions of France, whether there it be Champagne or whether in Burgundy or Bordeaux or those places, maybe there you'd probably have a bit more group tourism in the past.
00:02:49
Speaker
But even that, I think, has more shifted to FIT. um And then naturally with, I think also when it comes to more woman-focused groups or women friends traveling around, I know that's absolutely like wine tourism is quite a big thing for them also.
00:03:09
Speaker
So, yeah, it'd be interesting to see how, if that continues to grow. i mean, all things considered how um the wine The demand for the ah wine sales in China is just going down and down

Customized South African Experiences for China

00:03:24
Speaker
and down. But from a tourism perspective, when you're in the vineyards and when you're seeing the wine making process and everything, it's also extremely educational and quite a lot of fun.
00:03:36
Speaker
Look, I think at the end of the day, um it's different to the European market, right? I mean, as South Africans, we know um we're quite sort of similar to our European distant cousins in that we can do a full day of wine touring.
00:03:51
Speaker
um And that's a lot of fun. And, you know, you kind of, go out, have a bit too much wine, get a bit of sunstroke. But for the China market, you know, ah they think a bit differently about these kinds of experiences.
00:04:03
Speaker
A full day wine tour is not maybe what they can handle physically. and They probably want to package in like a little bit of wine tasting with, ah I would say, probably some natural tourism.
00:04:17
Speaker
You throw in the big five as well. you want to have a like a super differentiated kind of kind of product. So you know while I'm here, i'm also looking at you know how do we how do we package you know the front hook experience, which is obviously amazing in itself,
00:04:33
Speaker
How do we package it in with other things in the area? How do we um throw in some historical tourism? How do we throw in um a really compelling story about you know shooting up to Aquila for the big five, perhaps, or ah somewhere close by to see animals? But um you really have to chop it up and and and diversify the experiences here.
00:04:56
Speaker
So yeah, one day here, another day there, half a day wine tour, if that. um food, culinary experiences. So that's that's what I'm here to do um to try and understand a bit better. you know As you said, um not looking at those big groups, but looking at your more family-based tours, and maybe more predominantly female um friends groups, what would they like to do?
00:05:20
Speaker
And what's the maximum amount of sort of value you can offer them? Well, one of the points you just of mentioned now is about the culinary experience. I mean, so I think that's one area where where it also becomes quite interesting because if you travel the wine regions of ah France, um it's actually normally quite difficult to actually get onto to a vineyard in the first place. And that vineyard won't have the same kind of tourist infrastructure for for the majority of places.
00:05:54
Speaker
You still have to travel back to the local town to go to the restaurants. Even for some of the the tastings, you also have to do in the town from shops, not necessarily, again, surrounded in a vineyard, which which I've always thought is quite incredible and actually quite superior, honestly speaking, about the wine tourism in South Africa. such You can go to a wine estate.
00:06:21
Speaker
You do... have you've always got a tasting room. You've most, 99,9% of the times, you've got a pretty decent restaurant, if not an excellent restaurant.
00:06:34
Speaker
and and And in some cases, you've also got boutique hotels. You've really got like the full package in the middle of a vineyard, um which makes it extremely convenient and accessible and, well, again, enjoyable um from that perspective. Absolutely.
00:06:52
Speaker
Yeah, and I mean, in in South Africa, it's it's the especially in Cape Town, you'll find that it's it's a tourism city. People are are flexible. Companies are flexible.
00:07:03
Speaker
They're always willing to pack out an amazing brunch spread in the middle of a vineyard if that's what you want. You can really, especially with five-star establishments, it's expected that you will want to customize and really set up something that's special and unique.
00:07:19
Speaker
And um in South Africa, we are, especially in the Cape, we are always ready to accommodate um in the industry over here. So that's that's something I'm seeing. That's a really good sign for, you know, the China market.

Dubai and Saudi Arabia's Tourism Vision

00:07:31
Speaker
These businesses here, the the the service industry over here is is ready to accommodate um either way. Yeah, yeah, absolutely. And um before you were in South Africa, you were in Dubai for the Arabian travel markets.
00:07:46
Speaker
How are things there? It was good, yeah. Springtime in Dubai, crisp 40 degrees. Walked around in a suit for little bit, but that was, Dubai is an amazing city.
00:07:59
Speaker
It's so diverse, um really just a ah wherever you go, just different people from different parts of the world. And obviously, ATM is no exception. There was an amazing turnout, um amazing just, um you know, i don't want to say booths.
00:08:16
Speaker
Booth sounds like a under, it doesn't do do justice to what Saudi, whatever Saudi was doing, um a mega booth or yeah, they had a whole sort of hall dedicated to various parts like Al-Ola and Saudi tourism, Tabuk.
00:08:33
Speaker
all these different regions. And so i I was really surprised to see, you know, um a the the kind of energy that Saudi is bringing to the global tourism game, because it's part of their vision 2030, is for them to move beyond, you know, sort of um and oil and natural resources, and to fully develop their um their tourism industry.
00:08:58
Speaker
especially then with a view on China to a large extent to to kind of to bolster their tourism brand and to and to bring more inbound in.
00:09:08
Speaker
Now I can see, you know, the from the Saudi delegates that spoke to, they are they are incredibly hospitable, incredibly growth mindset focused. um They're willing to learn, willing to to sort of accommodate within within reason ah the different demands and needs of different tourists.
00:09:29
Speaker
So it was incredible to see. you know they have um They have incredible history, obviously, to offer within Saudi Arabia. ah they There are some complexities into you know how exactly one navigates cities like Medina and so forth.
00:09:45
Speaker
But I think with time, you know, um I'm really looking forward to see how they will develop these different um products. Then besides Saudi, you know, the Gulf, um the Gulf countries absolutely just doubling down on the China markets. I mean, just about every single one of the, ah you know, the GCC tourism boards that start by, there was somebody who was looking at AIPAC and China and,
00:10:13
Speaker
And, um you know, whenever you asked, are you going to um ITB in Shanghai? the The answer was almost always, yes, we'll be there. We're committed to China. it was kind of a ah a wonderful um energizing experience to see, you know, from the, just from the GCC countryside, they are super energized on China. They are, they are willing and ready to look at just about anything.

Chinese Influence at Arabian Travel Market

00:10:37
Speaker
It's a, it's a very positive growth focused kind of market there.
00:10:41
Speaker
Beyond them, um, I spoke to, you know, I saw a really good um turnout from Southeast Asia, you know, Indonesia, Philippines, Brunei, Malaysia, all there in full force.
00:10:54
Speaker
The Central Asian guys as well, you know, Kazakhstan, Kyrgyzstan, all all over there. um So, yeah, it was it was really great to to to chat to everybody and see, know, that there's still a very, very strong commitment to growth and to, yeah, just being aggressive and and doubling down on on new strategies for for tourism.
00:11:14
Speaker
And were you able to get like a bit of a ah sense or a guesstimate of the the buyers that were there, like the tour operators? um Were any particular regions that stood out? Again, I'm guessing that there there were sufficient amounts of Chinese buyers there.
00:11:34
Speaker
ah But i'm I'm also assuming there must have been some kind of dominance from Europe again. Or what was your feeling when it came to from the buyer side? From the buyer side, i the feeling that I got was a strong ah Chinese cohort. you know just by and Honestly, i only I can only eyeball um this just by looking at sort of who i'm who I'm seeing.
00:11:57
Speaker
I'm definitely a strong you know a cohort of Chinese buyers. And the nice thing is you can kind of look at the name tags and you can generally just tell on first glance, you know okay, this is a Chinese buyer.
00:12:09
Speaker
I would say a good... I'm very hesitant to give an exact number, but I would say probably 20% third were were um were Asian buyers. you know um ah And of that, probably half might have been Chinese.
00:12:27
Speaker
so But I'm hesitant to give an exact number as to Chinese buyers who were there. But I would say a strong turnout of of Chinese buyers just by looking at the the names and then also obviously European buyers.
00:12:41
Speaker
ah Very strong. um Yeah, Indian market as well. ah ah And also the GCC markets obviously are in force as well. And i mean, for for the actual exhibitors, obviously the Gulf states and obviously Middle Eastern countries were there in full strength.
00:13:02
Speaker
um But well were ah was the rest of the world kind of represented? I mean, for example, would you have countries from the Caribbean there? Would you have...
00:13:14
Speaker
Well, yeah i was i to be honest, I was quite sorry to see that there was not... You can kind of look at the map um of of ATM. And because they color code the entire floor flow plan, you can kind of see at a glance you know who's best represented. So if I to give you um at a glance, ah the best represented is Middle East.
00:13:39
Speaker
and Middle East, just by looking at the floor plan, had the biggest... had the biggest share. and This is no surprise, obviously it is ATM. um Followed by that is an entire Saudi land.
00:13:52
Speaker
Well, Saudi land had its own separate parts that was probably the second smallest was just for Saudi lands. The smallest was for Africa, sadly speaking.
00:14:04
Speaker
But um that's also, you know, it's it's not cheap ah for African destinations to attend. You know, there was good turnout by Kenya, Rwanda, South African tourism. So that was good to see.
00:14:16
Speaker
um Following the Middle East, I would say the biggest, strongest turnout was for Europe. You know, the Europe zone was quite big. And then following shortly behind is Asia. But, you know, Asia, it's such a big, it's such a big sort of a denominator for a region. I don't quite know what to make of that, you know, it covers everything from India through to Japan.

Global Trade Show Comparisons

00:14:41
Speaker
um And then, yeah, there was a, so there was a special part for hotels and tech, but that's basically how it breaks down in terms of the, the different regions, you know, Middle East number one, followed by Europe, then Asia, then Saudi, and then Africa.
00:14:56
Speaker
Yeah. And and um I mean, to my understanding, it's actually, it is quite relatively expensive to exhibit at ATM ah compared to other trade shows.
00:15:08
Speaker
um But I'm also guessing that it's also mostly targeted more at the high end of travel. Absolutely. um ah from From looking at the attendees, it was predominantly high end, you know.
00:15:29
Speaker
um And that would explain obviously why you would see the, ah you know, the Swahili speaking countries with, you know, their more luxury offerings. ah And in South Africa as well with its with its luxury offerings. Yeah, but absolutely high end.
00:15:44
Speaker
Yeah, I mean, I always i always find it fascinating to look at the different kind of cultures of the different trade shows, um which I find Naturally, my most experience is going to Chinese trade shows.
00:16:00
Speaker
um And then, but while I'm here in Amsterdam, if I go to a trade show in the Netherlands, you see the sharp contrast of focusing on camping and electric bikes and older people, more for like seniors and for camping.
00:16:19
Speaker
um which is like just wildly different ah from what do you would see at trade shows in China. and And I'm guessing with the Middle East also for that matter.
00:16:31
Speaker
Yeah. You know, like the the China market, I think, is slowly becoming more like the European market. So the you will you will see more camping and um sort of, ah well, let's say glamping more. It's not quite popular.
00:16:47
Speaker
as rough and ready as the, well, not rough and ready, but that sort of yeah yeah that' hard i yeah self-dependent as the as the European market. But it's getting there. It's it's transforming. The Middle Eastern market is is number one. It's very young, and it's obviously very well-resourced. So...
00:17:04
Speaker
ah the the focus is on on more sort of bling, on luxury, on higher end stuff and less in sort of roughing it for sure. Yeah, totally.
00:17:16
Speaker
Oh, that's really fascinating to hear about these things. ah because yeah I personally have not been yet. It'd be quite interesting to go.

European Tourism and Chinese Presence

00:17:25
Speaker
um I mean, from my side, while you're enjoying the crisp 41 degrees, i was enjoying a more crisp 21 degrees, but in the European context, it's pretty darn hot.
00:17:37
Speaker
I was in Palma de Mallorca for the May break holidays. And that was also quite interesting. mean, i was there for a personal family a holiday. But it was also very, very interesting to cruise around the capital, Parma, again, with with Chinese goggles on, so to speak.
00:17:57
Speaker
It was naturally you see Chinese restaurants ah every now and again, but also a lot of ah bubble tea shops, again, owned by Chinese that have the Wancha brand, which was most prominent.
00:18:15
Speaker
um Then not so different at all to Barcelona. It actually reminded me of Barcelona lot. All the Japanese style like sushi and ramen restaurants were majority, if not all owned by Chinese.
00:18:30
Speaker
And then again, also like Barcelona and also in like some cities I've noticed in um Italy, um you would have traditional local cuisine restaurants that were established by locals, but have since then, the ownership has been taken over by Chinese.
00:18:50
Speaker
ah But they keep the same recipes, they keep the same menu, they they keep the system basically. It's just that the ownership has changed. um And I noticed quite a bit of that in Palmer also.
00:19:04
Speaker
And then i also, yeah, saw actually quite a few Chinese tourists cruising around. not not Not huge, but but quite noticeable. And then when traveling back yesterday, i stopped off in Zurich.
00:19:18
Speaker
I've never been to Zurich before in Switzerland. Went to go do a bit of a cruise of the city. And there definitely in Zurich airport and on the streets, I definitely saw smaller groups of Chinese friendship groups traveling around as tourists.
00:19:35
Speaker
We went to a ah very traditional and popular Swiss restaurant, probably like the main restaurant, we which you really want to tick on your tourist list for Zurich.
00:19:48
Speaker
And there was quite a few different Chinese FIT tourists eating that restaurant. So, yeah. so yeah I think the point I'm trying to make is that you are seeing Chinese tourists in these more traditional European ah travel destinations, but these were not necessarily um hotspots for Chinese tourism.

Shift from Group Tours to Experiential Travel

00:20:14
Speaker
and But you are seeing Chinese tourists, but but not not massive, massive numbers, probably because they aren't the hotspots and probably because since the pandemic ended, the tourism trends for the Chinese Albon travelers have shifted to quite a bit.
00:20:33
Speaker
Surely, yeah, yeah. No, I mean, i i was walking around Dubai as well, and I would see a lot of Chinese FITs, but um i hardly so no matter where I go in the world, I hardly see any major groups. you know the The big groups that you still see are still within China.
00:20:51
Speaker
So um it does seem like it's swung a lot to FIT, for sure. Yeah, totally. Yeah. Yeah, well, very poignant about how these things have changed, which is cool.
00:21:05
Speaker
I mean, at the end of the day, I suppose most of these tourists are still using a lot of the OTA for their booking platforms. Some of them are still also using um more of the tailor-made ah smaller group ah tour operators for for creating nice um itineraries for their own small family or three-generational group.
00:21:30
Speaker
so but So it's

Saudi Arabia's Tourism Expansion Strategies

00:21:33
Speaker
all there. And, and yeah, it just ah just points again to the whole um narrative, which is quite correct, that these tourists these Chinese consumers are looking for more experience, more something a little bit more in-depth, something a lot more experiential than just ticking off all the main boxes as was in the past.
00:21:58
Speaker
ah One extra thing I would want to add from from ATM is that I'm really looking forward to seeing how the Saudi space transforms.
00:22:09
Speaker
Just sort of circling back again to the Vision 2030, you'll kind of see that um a lot of these big ah Saudi state-owned conglomerates are looking for a number of projects to invest into.
00:22:25
Speaker
at the moment. So whether that's cruises, whether that's hotels, whether that's um all kinds of tourism infrastructure and experiences, um they are very aggressive in looking at ah new ways to develop the Saudi tourism landscape. Now, I think we all know that you know when when ah you know the GCC states look at going big on infrastructure, they really they really go to town.
00:22:52
Speaker
So i'm I'm looking forward to seeing you know how that sort of bounces off the China market. ah What are the kind of experiences that are that get created for for the China market? Which ones do really well um in the China market?
00:23:07
Speaker
um I think especially given that you know Saudi Arabia is, I believe it's visa on arrival, and um there are more and more direct flights being established between the countries.
00:23:18
Speaker
um I'm really looking forward to seeing what exactly emerges as being the most um welcome experiences or most popular experiences in ah in Saudi Arabia for the China market. Because it's not like, um I don't think that infrastructure is going to quite cut it all the way.
00:23:38
Speaker
I do think that it'll be the traditional culture. It'll be the history. um If they really lean into that, and I think that is what the what KSA is looking at doing, is is a much more sort of um authentic and not authentic, but sort of a traditional approach to their identity as a country and as a nation and as their tourism.
00:23:59
Speaker
I honestly am extremely excited to see how Saudi, um how the KSA, ah manages its brand and develops its products in the China market. Because I think that they are almost on the same page as China in terms of what constitutes um an authentic kind of tourism experience in that it's it's very much focused on traditional authentic experiences.

Impact of GCC Alcohol Policies on Tourism

00:24:24
Speaker
Yeah, that's a really good point that you make. um Yeah, we'll have to see how that plays out. I mean, that there's clearly definitely a a yearning and a what's what's the term I'm looking for? that there's I think there's definitely the drive to get there. i'm I have no doubt that it's a priority for them and a serious priority that they're going to make happen.
00:24:53
Speaker
the one The one thing I'm wondering about is that, you know, often ah predominantly these these big experiences, whether they be hotels or cruises, will be alcohol free.
00:25:04
Speaker
Now, I think that is probably going to be a bit of a deal breaker for a lot of, um you know, for the UK market, for example. They will prefer to stick to to the UAE where you can have a glass of wine on your cruise.
00:25:16
Speaker
But um i'm so I'm very curious to see how this how this will um will play out in in in China because you have these amazing products where they start off, for example, in Jeddah and they go all the way through the Suez Canal up to the Aegean Sea and the Greek islands and so on.
00:25:37
Speaker
um How that will be as a dry cruise, for example, as one of the many new experiences that are coming out, um i would be very curious to see how China interacts with that. is Is alcohol a deal breaker for them? I feel like it not not necessarily, especially for younger consumers.
00:25:58
Speaker
Yeah. Yeah. I would agree with that. I mean, I don't think, I mean, if you live in China and you're doing business and you're doing business like the old school way with ah the karaoke's and the drinking and things like that. Et cetera, et cetera. I mean, firstly, that that is quite old school.
00:26:17
Speaker
Yeah. And, but I've never, um let let me put it this way. When you go to, for again, a tourism trade show in in in Europe, and especially the ones in Germany, you will see a lot of the buyers and exhibitors having a beer during their lunch break.
00:26:41
Speaker
um And there's plenty of beer dispensers and beer taps there. um I always view that having lived in China is a little bit weird. um I don't i don't have any moral take on it, but I can't imagine drinking beers during a trade show at lunch in China.
00:27:03
Speaker
and would It would just just be weird, to put it plainly like that. um I'm not so sure how important alcohol is as part of the whole experience in China. Yes, of course, you get guys that want to have a beer and of course you get guys that want to have a few Maltais, absolutely.
00:27:25
Speaker
But again, it's a massive market. Not everybody thinks the same way. um Yeah, i think I think they would be able to get away with that quite easily in the China market. Again, also depends on the groups and the the people that you're attracting.
00:27:43
Speaker
Um, people will know that there's not alcohol available on these cruises and those people for it's a deal breaker. They won't go, but there'll be plenty of other people that they won't even consider that to be important.

GCC's Educational Initiatives for Chinese Students

00:27:58
Speaker
Exactly. Um, another, another angle that I'm beginning to see as well is, um, spoke to quite a few people who are doing a real estate adjacent to universities in, in, you know, whether it be the UAE or in Saudi with the the aim being to attract um international students, specifically Chinese students. Now that the U S is really got a big question mark hanging over it, Trump shaped question mark hanging over it.
00:28:28
Speaker
um But, Naturally, local universities in the GCC have um the incentive to bring in international students. And I think anyone in China will nod their head um very enthusiastically about bringing in international students is one of the key metrics for increasing your rankings on the on the number of the top three sort of rankings that are used for selecting universities.
00:28:57
Speaker
one of the the metrics that they include is what is the share of international students. Now, Chinese universities have been giving out scholarships left, right and center for this specific reason. But um following in their footsteps, absolutely, are places like the UAE and Saudi and and Qatar.
00:29:15
Speaker
who are looking to ah invest quite heavily in their higher education to build world-class universities, to build top-ranked universities that bring in international students. Now, at the moment, they are similar to China.
00:29:28
Speaker
They're looking at bringing in students from you know other Middle Eastern countries, from African countries, But of course, you know, the bill that you can sort of charge Chinese students for luxury accommodations or more up upscale accommodations, a more sort of luxury experience, a more um comfortable experience, the the market for that is bigger.
00:29:49
Speaker
And as I said, you know, with the U.S. not being such an attractive destination anymore, Saudi ah becomes an extremely safe um and extremely sort of accommodating ah destination for students.
00:30:03
Speaker
where they will offer, for example, um ah segregated dormitories, if that's what they want. and They can be integrated, they can have a number of different options.
00:30:13
Speaker
But number one is that parents can feel very, very safe about their children um studying overseas in in universities in the region.

Upcoming ITB China Event

00:30:23
Speaker
That's a new segment definitely worth looking into and following.
00:30:27
Speaker
That could definitely be a whole new trend in a new area that could be quite interesting to follow in the future. Wow. I had no idea. Yeah, it's something I really look forward to watching um in the future. But again, um i hope to yeah be able to go again to ATM next year, keep touch with with what's happening in this really, yeah really exciting and energetic part of the world.
00:30:55
Speaker
Yeah, the next trade show that everybody's already getting excited about now next is ITB China in Shanghai. It's in what, almost in exactly three weeks' time.
00:31:05
Speaker
Exactly three weeks' time, yeah. um A lot of people, again, are coming through from ah from the Middle East to ITB. So we will, yeah, we'll be able to pick up a lot of those conversations over there.
00:31:16
Speaker
So to anybody who is listening, who um who was at ACM, who is coming through to ITB, I really look forward to chatting to you and um yeah seeing where you're at what you think about China, what your feelings are about the entire China market, where it is right now.
00:31:33
Speaker
um But yeah, three weeks from now will be will be great in Shanghai. Yeah. Well, Shou, thank you so much for your feedback ah from Dubai. And yeah, enjoy Front Hook for as long as you can.
00:31:47
Speaker
Thanks, Michael. Yeah, um we will. You'll be in, ah you'll also be in ITB Shanghai, I believe. Yes. So it'll be good to see you there as well. And yeah, catch up with everybody else who's there. Yeah, totally.
00:31:58
Speaker
Bye, everybody. Thank you for your time. Thanks, Michael. Chat soon.