WTTC is the sole representative of the world’s travel industry body, whose members include the world’s most famous tourism enterprises as close to a hundred families in each of the national economic impact of tourism and evaluation of published research.
More challenging next year, the situation of tourism
Slower growth in global tourism industry next year, each tourist spending will fall one percentage point. Does this mean that tourism operators need to be careful that in the past 30 years, in addition to the war in Iraq, the 911 terrorist attacks and the 2009 recession year of these major setback, tourism around the world to the rate of 4% per annum growth, the rebound is always fast, must take this perspective any reduction in the growth of travel and tourism industry expectations.
In fact, the case of the second half of 2010 than previously expected. Although the WTTC’s forecast will be more challenging in 2011, but the travel and tourism industry will be in the lead economies into the forefront of the recovery phase.
Occurrence of structural integration in the industry, consolidation and alliances are many reasons, the economic turmoil of forcing companies to consider these structural changes, but it does not focus on short-term decision, not by a particular economic recession a direct result.
The world’s major exporter of tourists are now shrouded in unemployment and tight, you expect that what will change in the global tourism market? If the results of the implementation QE2 does the U.S. dollar caused by the depreciation of the development of tourism is often dependent on consumer confidence and disposable income, and in challenging economic times, both of which may be reduced. Despite the recent projections suggest that, in the second half of 2010 appeared in the international travel and tourism rebounded faster than expected, the global tourism economy, real GDP growth is now expected to grow by 2% (the expected earlier this year, 0.5%), in around the world have created a 946,000 additional jobs.
However, people’s travel expenditures remain far below the 2008 peak of 2011, the pace of economic recovery may be slower Slim Led AC Floodlight than previously expected. Western consumers continue to repay debt, many developed economies shift fiscal austerity. This means that in the long term prospects for the global travel and tourism will continue to remain optimistic, but will increasingly depend on being Asia’s rising prosperity, the region’s growth target is still set to 4.2%, China continued as the main driving force India, a slight slowdown in 2009, after the strong recovery now.
U.S. will remain the largest global travel and tourism industry and one of the most important markets. So far in 2010, despite the substantial increase in the number of foreign tourists, but the investment and business travel is very weak, which dragged down the travel and tourism industry recovery.
Depreciation of the dollar causes the price Americans overseas travel more expensive, more Americans will choose to vacation in the country. Of course, the dollar’s importance is bound to affect the other parts of the world.
Asia will experience the largest growth in tourism
January this year, with the WTTC’s initial forecast this year compared to the investment in the tourism share of total investment to the share will increase by one percentage point. In the long run, investment in tourism in 2020 will reach 2.8 trillion, or 9.4% of total investment.
Continued growth in tourism investment is to ensure the future prosperity of the key factors. Investment is entirely dependent on the banking sector, and investment more inclined to lend. Compared to the financial turmoil the last two years of credit tightening, banks are now willing to fund some projects have begun. Compared with other industries, the rapid economic recovery is often more beneficial for tourism because of the hotel and airport infrastructure investment is calculated based on long-term returns.
Asia will experience the largest growth in countries like China or India will be led. The next 20 years, millions of people in China and India will join the ranks of the middle class, increased disposable income, will have greater confidence and desire to travel. According to Goldman Sachs estimates that by 2030 there will be 20 billion from the BRIC middle class consumers into the tourism market.
In the BRIC countries, the short-term potential of China is clearly the largest. But in India, Brazil and Russia, economic improvements will ensure that they have become the driving force for tourism.