Market research company Euromonitor International released today new data on the future of the travel industry.
New research shows the travel industry is set to record strong growth with international arrivals reaching 2.4 billion by 2030, corresponding to USD 2.6 billion in incoming receipts. China, France and the US will be the main beneficiaries of international arrivals.
Nadejda Popova, travel industry manager at Euromonitor International comments, “Rising incomes and middle classes lead to growing confidence among consumers globally. Young and urban consumers are seeking out new travel experiences, driving travel and tourism trends along with more targeted services and products than ever.”
Euromonitor International’s new research shows that:
- Global arrivals will grow by 5 percent between 2017 and 2018 to reach 1.4 billion trips, thanks to an upgraded economic outlook for major economies such as the US, Japan and the Eurozone.
- Low-cost carriers are expected to show a passenger growth rate of 6 percent in 2018-2023, thus outperforming the scheduled operators.
- By 2023, travel intermediaries are forecast to exceed USD 2 trillion stimulated by digital advances and the shift to mobile sales representing 70 percent of travel agents’ sales in 2017.
“Over the years, the ever-evolving and very dynamic travel industry has witnessed several disruptors shaking the status quo, making it hard to even picture the way it used to be. The sharing economy and digitalisation are bringing new business models with consumers becoming more sophisticated and demanding,” states Popova. “Providing a seamless travel experience is critical for competitive advantage, from the inspiration stage, through search and booking to in-destination services. Artificial Intelligence (AI), big data and cloud computing all help power the drive for personalised and frictionless travel experiences,” she concludes.
Euromonitor International’s analysts will introduce the ‘Megatrends Shaping the Future of Travel’ report at the World Travel Market (WTM) London on November 6, 2018.
Pre-register now to receive a free copy of the report here.
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