Τhe travel industry is set to record strong growth with international arrivals reaching 2.4 billion by 2030, corresponding to $2.6 billion in incoming receipts, market research company Euromonitor International said on Thursday.
According to the new data, China, France and the US will be the main beneficiaries of international arrivals.
“Young and urban consumers are seeking out new travel experiences, driving travel and tourism trends along with more targeted services and products than ever,” Popova added.
Dedicated to the future of the travel industry, the new research showed that global arrivals are expected to grow by 5 percent between 2017 and 2018 to reach 1.4 billion trips, thanks to an upgraded economic outlook for major economies such as the US, Japan and the Eurozone.
The data also revealed that low-cost carriers are expected to show a passenger growth rate of 6 percent in 2018-2023, thus outperforming the scheduled operators.
Moreover, by 2023, travel intermediaries are forecast to exceed $2 trillion stimulated by digital advances and the shift to mobile sales representing 70 percent of travel agents’ sales in 2017.
According to Popova, over the years, the ever-evolving and very dynamic travel industry has witnessed several disruptors shaking the status quo, making it hard to even picture the way it used to be.
“Providing a seamless travel experience is critical for competitive advantage, from the inspiration stage, through search and booking to in-destination services. Artificial Intelligence (AI), big data and cloud computing all help power the drive for personalised and frictionless travel experiences.”
Euromonitor International’s analysts will introduce the “Megatrends Shaping the Future of Travel” report at the World Travel Market (WTM) London 2018 on November 6.