The tourism industry is growing faster globally than the world’s Gross Domestic Product, a study commissioned by Amadeus and published by Oxford Economics has found, reports eTurboNews.
Its report ‘Shaping the Future of Travel: Macro Trends Driving Industry Growth Until 2023‘ has predicted an annual global growth of 5,4% compared to GDP growth of 3,4%.
The Report also highlights global Tourism trends:
1. China will overtake the USA in becoming the largest economic force, and Asia generally being a growing market, with emphasis on India and Indonesia, and to a lesser degree Russia. Travel by Asians is set to double in the next ten years, at double the rate of European travel, and overtaking the number of European travellers by 2013, at over 2 million.
2. The level of short haul business flights in Europe and the USA achieved in its hey day in 2008 is only likely to be seen again by 2018. Asian business travel is predicted to grow by 55%.
3. Low cost airlines are predicted to grow their business for international travel. Continue reading →