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Since the peak of the financial crisis in 2009, global overnight tourist flows dipped briefly, but they rebounded and continued to increase at a healthy rate of 16.5% from 2009 through 2012. This is slightly higher than the 15% growth rate experienced before the financial crisis from 2004 to 2007.
Our recent travel trends report – Shaping the Future of Travel: Macro trends driving industry growth over the next decade – revealed some encouraging news for the travel industry with an expected growth rate of 5.4% per annum for global overnight visitor flows over the next 10 years. This rate of growth is predicted to outpace GDP growth of 3.4% and is more in line with the expected expansion of global trade flows at 5.8%.
The regions predicted to be fueling much of this global growth are Asia Pacific, the Middle East and Africa, with Asia growing at nearly double the rate of the 2002-2012 period. Despite this, Europe’s share of visitor flows will remain dominant out to 2023.
Download the full Shaping the Future of Travel report for more insights about these trends.
What do these trends mean to you? How will they influence your business? Let us know by leaving a comment below or sending us a tweet!