By 2030, the travel industry will have recorded a staggering 2.4 billion international trips.
What’s more, those trips will result in $2.6 trillion dollars in incoming receipts, according to new data released by market research company Euromonitor International.
China, France and the US are poised to be the main beneficiaries of the increasing penchant for international travel, which is being triggered by rising incomes and growing confidence among consumers globally, according to Euromonitor’s Travel Industry Manager Nadejda Popova.
“Young and urban consumers are seeking out new travel experiences, driving travel and tourism trends along with more targeted services and products than ever,” said Popova.
According to the new research from Euromonitor International, global arrivals will grow by five 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.
In addition, low-cost carriers are expected to show a passenger growth rate of six percent between 2018 and 2023, outperforming the scheduled operators.
Travel intermediaries are also in growth mode. By 2023, they are forecasted to exceed $2 trillion, the result of digital advances and the shift to mobile sales representing 70 percent of travel agents’ sales in 2017.
“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. The sharing economy and digitalization are bringing new business models with consumers becoming more sophisticated and demanding,” said Popova.
Providing a seamless travel experience will be critical for maintaining a competitive advantage in the coming years, Popova added, starting with the inspiration stage and continuing through search and booking to in-destination services.
Artificial Intelligence (AI), big data and cloud computing meanwhile, all help power the drive for personalized and frictionless travel experiences.
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