Njegovan (2006) found that UK residents travelling overseas for leisure had a price elasticity of -0.7 to -0.8. Business travel will be less elastic. So a conservative estimate for the price elasticity (Pe) of inbound travel by overseas residents can be derived as follows:
Peoverseas residents * % overseas residents + PeUK residents * % UK residents = average Pe
Peoverseas residents * 39% + -0.8 * 61% = -1.0
Peoverseas residents = -1.3