Meet to optimise business@singapore
Travelrave is scheduled to be conducted in Singapore from October 15-19, 2012. The event will serve as a platform for travel industry’s professionals to meet, connect and share their insights.
TT BUREAU According
to consulting firm UBM Aviation, LCCs account for 24.9 per cent of Asia’s total passenger traffic, up from 19.1 per cent in 2011 and 9 per cent in 2006. Many attribute this growth to the fact that the Middle Affluent Consumer (MAC) segment in Asia is on the rise. This segment is estimated to grow by 20 per cent and will account for approximately US$ 430 billion in tourism spending by 2020, making it the highest contributor of tourism spending.
These figures, together with the rising intra-regional travel among Asians, show the timeliness of investing in Asia. In addition, LCCs create a domino effect on other travel partners. Keenly aware of this growing trend, industry leaders are convening at TravelRave to engage in the meaningful discussions about optimising their business opportunities at events such as Aviation Outlook Asia and ITB Asia. Si Thu, Managing Director, CEO, Myanmar Airways International, will be one of the many in the business attending TravelRave’s Aviation Outlook Asia this year to discuss the pertinent issues faced by the Airline industry. He shared, “Myanmar has emerged from its isolation and seen exponential growth in the high season of 2011-2012. This is just the beginning of the growth of Myanmar’s aviation industry and we will see continued growth as Myanmar Airways International, readies itself to capture the region’s burgeoning market.”
With the rise of LCCs, premium airlines in Asia are feeling the heat. They face a challenge on how to satisfy customers who demand low prices, high quality service and comfort yet profitably operate an airline. Until recently, these airlines were relatively immune to competition from LCCs.
80 per cent of the aviation industry stakeholders, according to the 2012 Full Service Airline Market Intelligence Survey released by Terrappinn, feel that premium airlines will have to change their strategy and pricing models on regional point-to-point routes. This is one of the ways to compete with the rising profits of LCCs.
The other way premium airlines can channelise profits is by operating LCCs under their flagship. This strategy is already being tested by a few airlines as five low- cost carriers are being set up by full-service Asian airlines, including Scoot from Singapore Airlines, Jetstar Japan from Japan Airlines, Peach Aviation by ANA and Thai Smile from Thai Airways International.
A platform like TravelRave will help the aviation industry to come out with solutions to problems faced by them in Asia. Another topic of discussion at TravelRave will be how airlines can optimise their distribution mix especially in the face of LCC competition.
TravelRave showcases world-class business events for tourism leaders and professionals from across the travel ecosystem to maximise business opportunities.
Leveraging the buzz and dynamism of the Asian travel and tourism industry, TravelRave sets the stage for collaboration and enables the industry to better harness the vast growth potential presented in the region.