The global travel industry is expected to reach close to US$3 trillion and grow by 3.3% by 2024, according to new research released by the global market research company Euromonitor International.
Online travel sales will account for the largest share at 52%, with mobile sales representing a quarter of all travel bookings as the travel industry continues its digital transformation.
“The travel industry is riding this wave that has an impact across the consumer spectrum, as consumers increasingly value experiences such as travel,” comments Caroline Bremner, travel industry manager at Euromonitor International.” Euromonitor International’s latest lifestyle survey shows that 43% of global consumers prioritize experiences over material possessions, while 78% value real-world experiences in 2019.”
Domestic tourism is becoming popular mainly influenced by rising incomes in emerging markets. It is expected to grow at 8% annually reaching 19 billion trips by 2024, in comparison to international arrivals, expected to reach 1.8 billion trips.
“Travel is at the forefront of several drivers, whether they are economic, political, social, demographic, environmental or technological in nature. Megatrends identified by Euromonitor International can help make sense of shifts in consumer behavior and attitudes impacting all countries and industries globally”, concludes Bremner.
Euromonitor International will reveal the ‘Megatrends Shaping the Future of Travel: 2019 Edition’ report at the World Travel Market London, November 5th, 2019.