Travel makes one modest. You see what a tiny place you occupy in the world.
The tourism sector has always been influential when it comes to impacting the travel industry. Tourism has boosted the revenue of the travel industry across the globe in recent years and it is assumed that the travel industry will record a massive growth during the period 2014–19. It is expected that countries in the Asia-Pacific region will perform better compared to other countries of the world. The travel industry, which is under a major change because of the growing mobile technology and competitive travel services offered in the market, will further get revamped with changing booking patterns and consumer behaviour.
Global tourist arrivals are expected to increase between 2014 and 2019 in the Asia-Pacific region and tourist trips might get propelled because of medical tourism and business tourism.
If we take the global industry in the purview, we can see that currency exchange also plays an important role here. It is observed that people travel to countries that have a strong currency. Developing countries, on the other hand, need to fix their basic economic needs first to attract tourists.
According to hotel-magazine.co.uk, “The new report on global travel trends revealed that the global travel industry is poised for a period of sustained growth over the next decade, driven in part by China’s share of global outbound travel reaching as much as 20% by 2023. The macro trends driving the industry growth over the next decade predict that in the next 10 years, global travel is set to grow at significantly faster rate than during the financial crisis, where growth was just 4.1% per annum.”
The website also highlights the key findings of the report stating, “Asia will account for 55% of global business travel growth in the next ten years. 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, suggesting reduced domestic hotel spending is the new normal. At the same time, overnight visitor flows for Asia are set to grow nearly four times faster than Europe’s over the next ten years – but Europe will remain dominant.”
In today’s time, when people want to escape the mundane life, which is driven by technology, thinking of life without technology becomes equally meaningless. Our lives are dominated by technology, and so much is our dependency on technology that everything we do has something or the other driven by technology. From social media networking to Uber access, everything requires Internet connection.
Today, travel planning can be done in advance. Each stage of journey can be financially calculated beforehand. Booking can be done through mobile applications; even tickets and passes for different packages can be bought in advance. The international travel industry is emerging from the global turmoil of economic recession. Undoubtedly, infrastructure and transport play a crucial role in the evolution of the travel industry.
The booming travel industry has made this world a small place, where one can easily discover new modes of travelling on the Internet. The growth of tourism has also led to the development of the travel sector. World of Business, as a global business magazine, aims to cover the global travel sector and provide its readers with news updates and in-depth analyses on the same.