Substantial growth in tourism for next ten years

A growth of 5.4% per year of the travel industry for the next ten years, that says Oxford Economics in a study commissioned by Amadeus. The major emerging markets will cause this growth. China will passed the United States as the world’s largest outbound travel market in 2017 and be the largest domestic market.

This means continued growth for the global travel industry, in the next decade. It is expected that the industry global GDP by about 2% will surpass grow by 5.4 % per year. During the financial crisis, the growth was limited to 4.1 % per year. Not only China will grow, but also other emerging markets as Russia, Brazil, India, Indonesia and Turkey. They will grow even more than 5% per year at the next ten years. In large part, this stems from increasing affluence and changing consumer behavior.

Other findings in the report were restoring business travel, the growth in air travel led by emerging economies and the international demand for hotel accommodation.