Please forward this error screen to 64. The industry’s ability to continue generating growth, creating jobs and enabling national development and regional integration is dependent on whether it recognizes and adapts to key trends and transformational issues that will affect the industry in the short, medium and long term. These factors, combined with the growth of disposable income, the rise of the middle class in many emerging markets and changing attitudes of people towards travel, have enabled the industry to flourish. In previous decades, North America and Europe have dominated the travel markets, but this may not be the case for global investment trend monitor longer.
While markets in Europe and the Americas will continue to grow, the rate is incomparable to other regions. Emerging markets will not only become larger source markets but also they will become more attractive destinations. Between 2016 and 2026, the top 10 fastest growing destinations for leisure travel spending are expected to be India, followed by Angola, Uganda, Brunei, Thailand, China, Myanmar, Oman, Mozambique and Vietnam. The global middle class is forecasted to grow by another three billion people between 2011 and 2031, the majority of which will come from emerging markets, with China and India leading the way. 14 This newfound buying power will give the middle class greater access to travel. Studies show that millennials are more tech-savvy and connected than any previous generation and are changing the way travel is consumed. In effect, millennials might take low-cost flights and go all out on activities and restaurants.
Travellers today often look for experiences, whether it be an authentic local experience, an adventure or even and the opportunity to make a difference at the destination. In the next five to 10 years, this group will become the industry’s core customer base. Unfortunately, the infrastructure and bureaucracy that travellers must navigate are decidedly 20th century. Barriers to mobility and inefficiencies are particularly notable when obtaining visas and at the airport.