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Shaping the future of travel: Macro trends driving industry growth over the next decade
Posted on: 14 April 2014
By: mackene
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Filed under: News
This report, written by Oxford Economics and commissioned by Amadeus, forecasts travel to grow by 5.4% perannum over the next 10 years, outpacing global GDP. Moreover, global travel is now set to grow at a significantly faster rate than during the financial crisis, where growth was just 4.1% per annum. At the same time, China’s growth in outbound travel, which as recently as 2005 stood at just 1%, will enable it to overtake the U.S to become the world’s largest outbound travel market this year, with the number of Chinese households able to afford overseas travel set to more than double in the next 10 years to reach 220 million. China will also become the biggest domestic travel market by 2017, driven largely by rapidly increasing GDP, rising employment levels and higher consumer spending.
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