GLOBAL TRAVEL SET FOR A NEW ‘GLOBAL DECADE’

Business Traveler (USA) - - UPFRONT -

The global travel in­dus­try is poised for a pe­riod of sus­tained growth over the next decade – a ‘golden decade’– driven in part by China’s share of global out­bound travel reach­ing as much as 20 per­cent by 2023, ac­cord­ing to a new re­port on global travel trends.

The re­port, en­ti­tled “Shap­ing the Fu­ture of Travel” pre­dicts an op­ti­mistic macro-eco­nomic out­look for global travel over the next 10 years, with the in­dus­try pro­jected to out­strip global GDP by some 2 per­cent, grow­ing 5.4 per­cent per an­num. More­over, global travel is now set to grow at a sig­nif­i­cantly faster rate than dur­ing the fi­nan­cial cri­sis, where growth was just 4.1 per­cent per an­num.

Mean­while, China is set to over­take the US this year to be­come the world’s largest out­bound travel mar­ket; by con­trast as re­cently as 2005 China’s growth stood at just 1 per­cent. China will also be­come the big­gest do­mes­tic travel mar­ket by 2017, driven largely by rapidly in­creas­ing GDP, ris­ing em­ploy­ment lev­els and higher con­sumer spend­ing.

The re­port, writ­ten by Ox­ford Eco­nom­ics and spon­sored by Amadeus, also con­cludes that other large emerg­ing mar­kets such as Rus­sia, Brazil, In­dia, In­done­sia and Turkey will each also aver­age more than 5 per­cent an­nual growth over the next 10 years. “Fore­casts pre pre­dict a new golden era for travel, wh which will be wel­come news for many se seg­ments of the in­dus­try that are only just b be­gin­ning to emerge from re­ces­sion,” s said Hol­ger Taub­mann, SVP dis­tri­bu­tion, Amade Amadeus. “How­ever, as the com­plex­i­ties in the bu­sine busi­ness travel mar­ket clearly demon­strate, growth will be far from evenly dis­trib­uted and there are likely to be both win­ners and losers.”

Visit amadeus.com to read the free, full 44-page re­port.

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