The Travel and leisure industry, one of the largest industries in the world, offers promising growth, driven by rising consumer affluence and the growing desire for luxury and adventure among them. The industry is also anticipated to make rapid strides, owing to increased travels related to medical, religious and educational purposes.
Rising levels of disposable income and enhanced consumer spending on travel and tourism are major growth drivers for the world travel and leisure industry. Booming economies, cheaper travel, changing lifestyle patterns, consumer friendly travel facilities and good customer care are anticipated to fuel industry growth, despite the uncertainties associated with travel frequencies and travel patterns. With the integration of information technology solutions in the industry, operations such as booking, payments, marketing and information retrieval have been automated ensuring efficient and convenient customer interactions. Growth in the travel and leisure sector is anticipated to create new jobs, and add to the economic prosperity of host countries.
Cultural attractions, entertainment, shopping and dining are some of the factors that draw modern day customers to their preferred destinations. Touring is the most favoured form of leisure travel, followed by city breaks and sun and beach trips. Notable trends in the industry include preference for customized travel packages, growing popularity of high-end expeditions and vacation cruises particularly among adventurous baby boomer population, rising demand for corporate travel and special tour packages for women travellers. Fortunes in the outbound travel & leisure segment and to a certain extent, trends in inbound travel, are dependent on economic conditions. Unfavourable economic scenarios, rising threats of terrorism, volatile fuel prices, uncertainties over interest rates and fiscal tightening are major dampeners for the global travel industry.
Travel and Leisure: A Global Outlook
Cruise industry, the fastest growing segment of the international leisure industry, is characterized by low penetration rates, providing promising prospects for the sector. Growth in the industry is expected to be fuelled by factors such as introduction of new and advanced cruises, convenient pickup points for customers, new tour packages, early bookings, price incentives, and increased promotional campaigns. While large players are expected to benefit in the long run, small cruise operators face challenges due to old ships and poor advertising.
Brazil, Russia, India and China (BRIC countries) have proved to be dynamic source markets for the worldwide travel and tourism industry. Representing the fastest growing global economies, these countries are projected to be major revenue generators for the travel and tourism sector. Asia Pacific has continuously outperformed other regions of the world, in terms of inbound and even outbound traffic, with China, India and South Korea emerging as major countries for outbound travel in the region. Asia is also among the destinations chosen by global travels, owing to factors such as government support for the tourism sector, and expansion of low-cost carrier services.
The report titled "Travel and Leisure: A Global Outlook" provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report provides a bird's eye view of the glitzy, effervescent, and dynamic world of travel and leisure, and a peek into prevailing scenario with 101 data-rich tables offering statistical findings on key regional and international parameters such as, tourist arrivals, tourism expenditure, tourism receipts, online bookings and spending on travel and leisure services, e-commerce sales of travel and leisure activities, and average expenditures of air travelers in top tourist destinations, among others. The US market is critically abstracted, examined, and seasoned with unequivocal opinions on the market's future potential. Other regional markets briefly summarized, and annotated with tables include Canada, Japan, Austria, Belgium, and Denmark, among others. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 659 companies worldwide.
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