Online and China both Critical for Success in Travel and Tourism
Key findings from the 2014 edition of Passport: Travel and Tourism reveal that the travel industry enjoyed strong growth in 2013, scaling new heights with total trips by residents surpassing 8.8 billion, whilst spending hit an all-time high of US$3.2 trillion. Recovery in developed markets, strong growth by China and the emerging markets, together with the on-going ascent of online travel dictated the pace of change. By 2014, online travel sales by residents are expected to reach US$865 billion, with travel accommodation in the US offering great opportunities for incremental sales, compared to the online travel agent space in the BRICS and EU Big 5. China remains under-developed in online travel with less than a 5% penetration, therefore future potential is enormous especially considering the high penetration of mobile phones, strong online travel and e-commerce players and it’s expected to leapfrog in terms of mobile travel sales development.