Business events players in Malaysia have experienced a surge in enquiries and bookings for events since the beginning of February, driven by the significantly weakened ringgit against the US dollar and Singapore dollar.
Last week, the ringgit plummeted to an all-time low against both the US dollar and Singapore dollar, reaching 4.8 against the US dollar and 3.6 against the Singapore dollar on February 20.
This decline marked the lowest point for the ringgit against the US dollar since the Asian Financial Crisis in 1998, and set a new record low against the Singapore dollar.
Saini Vermeulen, executive director of Within Earth Holidays, noted an uptick in enquiries from Eastern Europe for incentive travel starting from 4Q2024 and continuing into 2025, particularly for small groups ranging from 30 to 100 people.
To capitalise on the favourable exchange rate, Vermeulen encourages clients to make full payments or deposits to secure hotel rates for confirmed groups, cautioning that failure to do so could increase costs if the ringgit appreciates against the US dollar.
Bobby Eng, general manager of Overseas Tours and Travel, said he has seen a 20 per cent increase in bookings month-on-month from Hong Kong, with bookings expected to continue to pick up from March onwards.
He shared: “We encourage clients to make advance payments by giving discounts, as well as complimentary extras such as entrance fee tickets to theme parks.”
Corporate incentive bookings from neighbouring Singapore have also increased for G Hotel Kelawai and sister property G Hotel Gurney in Penang, said Christina Tan, director of communications of both properties.
She observed: “Some bookings are last minute with only a two-week lead time. Some corporate guests also extend their stays by a day or two at their own expense to enjoy a short break and take advantage of the favourable exchange rate.”
Similarly, Zulkifli Rahman, director of sales and marketing The Ritz-Carlton, Langkawi, disclosed there have been an increase in last-minute bookings from Singapore corporates, possibly due to anticipation of further depreciation of the ringgit against the Singapore dollar.
Numerous enquiries for in-residence meetings – from Singapore and Asia-Pacific – have rolled in, where many corporates opt to extend their stays on the island for a weekend of leisure before returning home.
