Euromonitor identifies the mega trends of the travel industry
The consultant today launched the report ‘Megatrends Shaping the future of Travel: 2019 Edition’ at the World Travel Market London
The global travel industry faces challenges due to political unrest and change in consumer behavior. However, by 2024 an increase in the average travel cost of US $ 1,101 is estimated, according to the global market research company Euromonitor International.
In its new report ‘Megatrends Shaping the Future of Travel: 2019 Edition’ launched at the World Travel Market London 2019, Euromonitor analyzes the latest trends that shape travel in all regions of the world.
Consumers in Asia Pacific are using mobile and multifunctional "super applications" that combine social, financial and retailing services on one platform. With applications such as WeChat with one billion monthly active users, super apps have contributed significantly to the sales of online intermediaries, reaching US $ 227 billion in 2019. However, the threat of the US-China trade war could affect the growth of the flow of tourists leaving China.
Under a scenario of 'Trump's adverse policies' that are committed to imposing more stringent immigration tariffs and policies, tourism demand towards the US. UU. It could be reduced by 9.6% by 2024.
In Latin America, a third of consumers buy through social networks, making it a lucrative tool for companies. "The influencers are following the example of the use of these platforms, becoming tourism operators that blur the boundaries between communication, purchase and experience," says Caroline Bremner, head of research for the travel industry at Euromonitor International.
With Brexit's uncertainty and concern about a severe recession in Europe, low-cost airlines and short-term rentals are expected to be the most popular travel options, as consumers continue to seek value for money. However, with 59% of consumers concerned about climate change, the transition to sustainable travel increases.
Middle East and Africa
Despite the challenges of the war in Syria and Yemen, the Middle East and Africa region continues to enjoy solid growth and it is estimated that the region's outputs will grow by 5.6% by 2024. "Saudi Arabia is investing in tourism by opening up to foreign tourists, to reduce their economic dependence on oil. In Africa, intra-regional tourism is increasing rapidly, with national influencers and entrepreneurs taking advantage of the growing internet connectivity to promote Africa through a rich storytelling ”, Bremner concludes.
With the evolution of the travel landscape, new business models emerge to offer accessibility, convenience and sustainable alternatives.