NEW YORK – The United States’ second-largest honeymoon destination is in the midst of an unprecedented economic boom, and it’s still not cheap.
At least, that’s what a new report by a global honeymoon tourism research firm claims.
The report, released Tuesday by the World Wide Travel Research Institute, found that the cost of a one-night stay in the city of Bali could reach up to $8,800, while a one week stay in Bali alone could cost $10,200.
“Bali has long been a destination for the wealthy, and the new boom in tourism is helping to fuel this new prosperity,” said Tom Wigdor, the president and CEO of WTRI.
“Bali’s wealth is reflected in the fact that there are more millionaires per capita than anywhere else in the world.
The wealth of Balsas elite and the wealth of its poor are becoming one and the same.”
Wigdor said he was especially concerned about the number of wealthy people who have been leaving Bali to explore the rest of the world, a trend that is only likely to accelerate as more of the country’s tourism dollars are redirected to the rest, like the wealthy expats who are moving back to the country from China.
“If you are an expat in Balsa and you think you have a choice between spending $8k on a one night stay in a hotel and $10k for a two-week stay in an apartment, the only way you can afford it is if you are a wealthy individual,” he said.
The World Wide Tourism Research Institute surveyed over 1,000 people in 15 countries, including the United States, Britain, France, Germany, Italy, Canada, and South Korea.
The findings suggest that people are increasingly willing to travel to the Bali islands for one-week stays at least once a year.
Bali is one of a handful of cities in the Caribbean where a hotel room can be rented for as little as $1,000 per night.
A single night at a boutique hotel, or a three-night visit to a boutique, for $4,200, would be more affordable than a five-night, five-day stay at a four-star hotel, the report found.
And a five week stay at the Luxor Hotel for $20,000, a luxury villa with two suites and three bathrooms, would cost $4.5 million.
Balsas luxury resorts are also popular for the very wealthy, with a two month stay at an exclusive luxury resort costing $50,000 for a private suite, the WTRIR report said.
But while luxury hotels are booming in Bales, the most expensive hotels in the United Kingdom and Ireland have been left empty, with the average room rate on Bali Island, Bali’s most expensive resort, now topping out at $2,300 a night, according to TripAdvisor.
Wigor said that while Bali is not the cheapest tourist destination in the World, its status as one of the most desirable honeymoon destinations and a hub for wealthy foreigners is putting a dent in some hotels’ profits.
The number of luxury hotels and resorts in Bayside, Balsam and Lekang has grown steadily since the 1970s.
Bali now has 4,600 luxury hotels, while the number in Banesam, Balingit, Lekangan, Likang, and Likapung have all increased by more than 10 percent since the early 1980s, Wigor reported.
“This is a very different situation from when Bali was a resort city,” he added.
“It’s really a different kind of a city, and that is really encouraging to us.”
While Bali has a long history of being a tourist destination, Wiggor said the growth of luxury resorts and the rise of a new breed of wealthy tourists in recent years has made the city one of Europe’s most popular honeymoon sites.
“We see an influx of wealthy, wealthy tourists to Balsams luxury resorts in particular,” he explained.
“These are the very, very wealthy.
And that is very important to us because if we are to have a sustainable honeymoon, it is the wealthy who will pay the highest prices for the best accommodations and the best services.”