Travel is a true global economic industry that takes place in destinations around the world – from metropolitan cities, small towns and villages to some of the most remote places on the planet. It is one of the largest economic sectors, creating jobs, boosting tax revenues, encouraging capital investments and contributing trillions of dollars every year to our global economy. During the past decade, the industry has faced its share of challenges, including terrorists’ attacks, worldwide economic downturn, health scares and natural disasters. Despite these trials, the demand for travel has shown an extraordinary amount of growth.
The Director of the Oxford Martin School at the University of Oxford, Professor Ian Goldin, told the World Tourism Forum in Lucerne: “This industry will have the most rapid growth over the next decade.” Travel experts claim that because of our constant innovation, people around the world are moving more and faster than ever before. In 2012, the UN World Tourism Organization reported that more than one billion international travelers crossed borders for the first time and is forecasting that by the year 2030 over 1.8 billion international trips will take place.
The ease of travel, technology, and expansion of emerging markets points to a further surge for increase in travel with an estimated growth of 3-3.5% worldwide in 2013. Today’s traveler finds it easier to make reservations and plan getaways through compelling, user-friendly websites and social media interaction. Hotels, airlines, and hospitality companies that anticipate this growth and position themselves now, will be in the forefront of the growth of this wonderful industry.
