Asia to shape next decade growth for global travel industry

Apr 18 2014, 22:05 IST
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SummaryThe global travel industry is poised for a period of sustained growth over the next decade.

in the region forecast to increase at an annual rate of 18 per cent over the next ten years. By 2023, Asia Pacific outbound travel spend will reach US$ 752.8billion, making up 40 per cent of the world’s total.

Business travel will bounce back as links between East and West stimulate new demand, but western short-haul business travel will not reach pre-2008 levels until 2018. Asia will account for 55 per cent of global business travel growth in the next ten years. North East Asia alone will account for 42 per cent of the growth in global outbound business travel expenditure over the next decade, with South East Asia accounting for a further 13 per cent.

Air travel growth will be led by emerging economies such as India, Indonesia and Russia, as non-OECD air travel is set to overtake that of OECD members for the first time, to become largest source of global air traffic by 2023.

Demand for international hotel stays has outpaced demand for domestic stays since the recession. At the same time, overnight visitor flows for Asia are set to grow nearly four times faster than Europe over the next ten years – but Europe still remains dominant.

Angel Gallego, president, Amadeus Asia Pacific, said, “The findings underscore what most of us already intuitively know – that we have now truly arrived in the Asian Century. No matter where we look, Asian travellers have and will continue to change the landscape of travel, and businesses must adapt to them or risk falling behind. Our role is to help travel players stay one step ahead of the game. But our bigger mission is to help the Asia Pacific industry prepare itself to manage the next billion travellers,”

Ankur Bhatia, director, Amadeus India, said, “As per our report, Asia alone will account for close to 55 per cent of growth in global outbound business travel expenditure over the next decade. Factors leading to this enormous growth will be driven by rising wealth, changing consumer habits, expansion of international air traffic flow as well as outbound travel expenditure.”

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