UK – November 2019 / Newsmaker Alert / The global travel industry is
facing challenges due to political turmoil and changing consumer behaviour,
despite a forecasted increase in average spend per trip at $1,101 by 2024,
according to global market research company Euromonitor
its new report ‘Megatrends
Shaping the Future of Travel: 2019 Edition’ revealed at World Travel
Market London 2019, Euromonitor looks at the latest trends shaping travel
across the regions globally.
in Asia Pacific are using multifunctional mobile ‘super apps’, combining
social, financial and retailing services on one platform. With apps like
WeChat holding 1 billion monthly active users, super apps have significantly
contributed to the $227 billion online intermediaries’ sales in 2019. However,
the threat of the U.S-China trade war could impact Chinese outbound tourism
a ‘Trump Adverse Policies’ scenario which would see further tariffs imposed
and stricter immigration policies, tourism demand in the U.S. could see
9.6% wiped off potential growth by 2024. “In Latin America, one third of
consumers purchase via social media, making it a lucrative tool for businesses.
Influencers are following suit, transitioning into tour operators, blurring
the boundaries between communication, purchase and experience.” says Caroline
Bremner, head of travel research at Euromonitor International.
Brexit uncertainty and concerns for a severe recession in Europe, low-cost
carriers and short-term rentals are expected to be the most popular travel
choices, as consumers continue to seek value for money. However, with 59%
of consumers concerned about climate change, the move towards sustainable
travel is on the rise.
East and Africa
the challenges of war in Syria and Yemen, the Middle East and Africa region
continues to enjoy sound growth, with departures from the region estimated
to grow by 5.6% by 2024. “Saudi Arabia is investing in tourism by opening
up to foreign tourists, to reduce its economic dependency on oil. In Africa,
intra-regional tourism is rising rapidly, with domestic influencers and
entrepreneurs leveraging growing internet connectivity to promote Africa
through rich storytelling” concludes Bremner.
the travel landscape evolving, new business models are emerging to offer
accessibility, convenience and sustainable alternatives. For case studies
and further insights into each regional trend, download the full report
for free here.
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