With much changing in the UK outbound, inbound and domestic marketplaces, Brexit developments, sterling movement and growth in competition are already having significant effects in the UK markets in 2017. World Travel Leaders session will look in detail through Euromonitor research what more can we expect in 2018 and beyond.
Travel and tourism continues to remain on track, outperforming the global economy, with arrivals set to grow by 3.7% and inbound receipts at a stronger rate of 4.1% over 2017, compared to world GDP at 3.5%. Despite the major shock after the Brexit vote to leave the EU, the UK has been experiencing a tourism boom, due to the depreciation of the pound. The latest International Passenger Survey indicates that growth in inbound arrivals was up 8% year to date July 2017 demonstrating strong growth despite terror attacks.
Euromonitor International’s Travel Forecast Model has developed Brexit scenarios, including a No-Brexit deal scenario with a 40% to 40% probability of happening over the next two years compared to a Light Brexit scenario with a 10% probability.
For UK outbound, in a Disorderly Brexit scenario, the biggest impact will be felt in 2017, with high levels of political and economic uncertainty leading to falling consumer confidence and a shift away from non-essential spending. The silver lining is that increased geopolitical uncertainty and deteriorating economic environment will lead many UK residents to opt for domestic trips instead of international travel to the benefit of key cities, national parks and other popular visitor attractions.
For the first time, Euromonitor International’s highly anticipated Top 100 City Destinations Ranking will be presented at the World Travel Market event in London on November 7, 2017. This year’s report incorporates WTM Global Travel Trends to give further insight on how city destinations are at the forefront of tourism growth and innovation and how travel trends are borne out of the opportunities and challenges that cities face.
To meet Euromonitor team, please visit ME366 stand in the WTM Exhibition floor.