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Global Sales of the Travel Industry to Reach US$3 Trillion in Coming Years
The global travel industry is developing at a high pace, and quickly rising sales are another proof of this fact. In the new research by Euromonitor International, global travel sales are expected to grow by another 3.3% and reach an important milestone – US$3 trillion by 2024.
The main moving force of such growth is not hard to detect. This is sales made online. More and more travelers around the world prefer to make bookings online rather than contacting travel agencies or buying tour packages. Moreover, this sphere is developing rapidly – if at first travelers could book only rooms in hotels by famous companies in gateway cities, for example, hotels in London or Madrid, now even small and family-owned hotels offer this functionality to their customers. In the nearest future, online sales will account for 52% of all reservations. As the digital transformation continues, mobile sales will increase their share, reaching 25% of all travel bookings.
The travel industry is growing fast because of one more important factor. Modern people have a shift in their preferences, and so an increasing number of consumers worldwide tell that they prefer experiences rather than items, so they are more likely to spend their money on travel than buying new clothes or furniture. One of the surveys by Euromonitor International showed that 43% of respondents prefer experiences over material possessions. When asked about experiences, 73% of global consumers said they are interested in real-world ones.
Domestic tourism is gaining popularity as well. People in emerging markets have higher incomes these days, so they can afford traveling within the borders of their home countries. By 2024, the number of annual domestic trips is expected to reach 19 billion, showing a growth of 8%. The number of international arrivals is forecasted to reach 1.8 billion trips by 2024.
Travel is an important driver for many spheres of our lives. It has a crucial impact on the economies of countries, often becoming a major factor in GDP growth. However, this is not the only important aspect of tourism. It connects people, changes social aspects of life, shifts consumer behavior, and can even be a political factor. It is safe to say that tourism impacts all countries and industries around the world.
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