Travel to Grow Faster than the Global Economy Despite the Odds
LONDON, UK – Market Research Company Euromonitor International released today new travel and tourism research, providing the latest insights on industry performance.
In 2017, travel continues to remain on track, outperforming the global economy, with arrivals set to grow by 3.7 percent and inbound receipts at a stronger rate of 4.1 percent over 2017, compared to world GDP at 3.5 percent. However, major uncertainties are buffeting the world economy and impacting demand.
“In the US, there is a high level of volatility, and the new administration’s policies are likely to have a negative impact on inbound arrivals,” states Head of Travel Research at Euromonitor International, Caroline Bremner, before adding, “in Europe, growth continues to be sluggish, as terrorism is affecting destinations. But there is good news as France, which suffered major atrocities last year, has returned to growth. For the UK, the vote to leave the EU led to a tourism boom in 2016 thanks to the currency depreciation, but the effects of this will be short-lived, with growth decelerating to around 3 percent over 2017- 2022. The Middle East has now entered a recovery phase, and destinations such as Egypt and Tunisia can begin to grow again. There has also been a tensions’ outburst in Asia, and the travel ban imposed by China on its residents travelling to South Korea has already reduced arrivals by 15 percent.”
Euromonitor’s research reveals that travel industry will continue to grow and companies will seek out new sources of emerging demand, as the fundamental post-crisis shift in consumer values towards experiences over possessions. The ‘Experience More’ trend is a global phenomenon, and spending on experiences such as travel, leisure and foodservice is forecasted to rise from USD$5.8 trillion to US$8.0 trillion by 2030, driven by the rise of the millennials, while technology enables value-added experiences.
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About Euromonitor International
Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.