Our Year of the Dragon 2024 PR prediction #4 is a bold prediction even for us although it does covers a sector we are all big fans of; travel and tourism.
We predict the travel & tourism industry will see significant gains in the region and help economies to get back on the road to recovery.
There is plenty of supporting evidence to make this a realistic prediction.
- The Asia Pacific travel market is expected to grow by 7.68% from 2023 to 2027, resulting in a market volume of US$376.50 billion in 2027. (Source)
- In Southeast Asia, the travel and tourism market is expected to reach US$77 billion by 2024, with key factors for growth, including increasing outbound travel by the young population within the region and growing inbound travel to the region. (Source)
- The Asia Pacific sustainable tourism market had total revenues of US$54.2 billion in 2022, with the domestic segment accounting for the largest proportion of the market's overall value. (Source)
Back in September, China resumed their visa-free policies and announced the potential creation of more tax rebate shops. Then, in November, came a visa waiver announcement for short term visitors from six countries.
Up-and-coming travel trends include Set-Jetting (visiting filming locations of movies and TV series), Tour Tourism (following a band on tour while exploring the city), and Dupe Destinations (opting for places like Palermo over Lisbon, or Perth in place of Sydney), alongside the upcoming Olympics and Paralympics in France.
According to an IATA press release, August 2023 saw total global air traffic experience a substantial 28.4% increase compared to the same period in 2022, bringing the global air travel volume to 95.7% of pre-COVID levels.
The surge in domestic air travel saw a 25.4% increase in August 2023 compared to the previous year, and a 9.2% rise above the August 2019 figures.
International air traffic also witnessed a 30.4% increase compared to August 2022. This growth was observed across all markets, with every region experiencing double-digit percentage gains year on year.
Drivers include the proliferation of travel apps and platforms, greater interest in sustainable tourism, and revenge tourism.
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