The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreOct 2015
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The travel industry is expected to record healthy growth over the 2014-2019 period, driven by a steady rise in tourist flows, with Asia Pacific countries predicted to generate especially strong performances. The online travel category is currently experiencing rapid change with mobile channel, personalisation and peer-to-peer travel services being the main disruptors. In particular the rise of the mobile channel is changing booking patterns, consumer behaviour and business models in travel.
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Global tourist arrivals are expected to post a 4% CAGR over the 2014-2019 period driven by the Asia Pacific region. Global tourist arrivals are expected to reach 1.4 billion trips in 2019 from 899 million in 2009.
The slowdown in the Chinese economy is not expected to hamper the boom of outbound tourism from the country. Intra-regional travel is currently dominant, but long haul international travel is also about to take off in China.
Sales of travel products are expected to record healthy growth over the 2014-2019 period at a 4% CAGR to reach US$2.7 trillion. Air is the leading category in travel, followed by hotels and other transport.
Online travel is currently experiencing rapid change with mobile channel, personalisation and peer-to-peer travel services being the main disruptors. The app environment offers more convenience and less choice than web searches.
Expedia and The Priceline Group are driving consolidation in the OTA category. Their rise is posing a challenge to other intermediaries and to direct suppliers, especially hotels. TripAdvisor and Google are entering the travel bookings space.
The mobile channel is growing rapidly in the travel industry. Global mobile travel sales accounted for US$96 billion in 2014 and are expected to reach US$260 billion in 2019, that is 25% of total online travel bookings.
Today’s always-connected travellers seek information and assistance during their trips. This results in a shift of focus for travel companies from the time of the booking to the travel experience, in order to become mobile travel assistants.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.