International arrivals will reach 2.4 billion in 2030
According to Euromonitor, the travel industry projects strong international growth by 2030. China, France and the United States will benefit most from the increase in international visits
The new research from Euromonitor International shows that the travel industry projects strong international growth with 2.4 billion trips by 2030, which represent USD 2.6 billion in revenues. China, France and the United States will benefit most from the increase in international visits.
Nadejda Podova, travel industry research manager comments: "The growth of incomes and the middle class shows an increase in consumer confidence globally. Young consumers who live in cities are looking for new travel experiences today more than ever, seeking to follow the trends of travel, tourism and product consumption. "
According to Euromonitor International:
International arrivals will grow 5% between 2017 and 2018 and will reach 1.4 billion trips, thanks to a better economic outlook in countries such as the United States, Japan and several countries in Europe.
Sales of commercial and low-cost airlines are projected to grow 6% between 2018-2023.
By 2023, sales of travel intermediaries are projected to exceed USD 2 billion, thanks to technological advances and an improvement in sales through mobile devices that will account for 70% of these transactions in 2017.
"Over the years, the travel industry has become very dynamic and different disruptive elements have arisen that have shaken the status quo, making it difficult to remember how it used to be. The economy of shared consumption and digitalization have brought new business models from the hand of more demanding and sophisticated consumers, "says Popova. "Offering a perfect travel experience is crucial to have a competitive advantage, from imagining the destination, to search and reservations. Artificial intelligence, big data and cloud computing help the consumer to personalize their travel experience without complications, "he concludes.
Analysts at Euromonitor International will present the report "Megatrends Shaping the Future of Travel" at the World Travel Market (WTM) in London on November 6, 2018.
Pre-register to receive a free copy of the report: http://go.euromonitor.com/wtm2018-megatrends-shaping-the-future-of-travel.html