ITM Bachelor 3. Sem.
4 SWS Course
Emerging Markets include:
GCC (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE)
WTTC Country Reports:
Emerging tourism markets
Yesterday’s Tourists aren’t Tomorrow’s
While markets in Europe and the
Americas will continue to grow, the rate is incomparable to other
Emerging markets will not only become
larger source markets but also they will become more attractive
destinations. Between 2016 and 2026, the top 10 fastest growing
destinations for leisure travel spending are expected to be India,
followed by Angola, Uganda, Brunei, Thailand, China, Myanmar, Oman,
Mozambique and Vietnam.
The global middle class is forecasted to grow by another three billion people between 2011 and 2031, the majority of which will come from emerging markets, with China and India leading the way. This newfound buying power will give the middle class greater access to travel. While travel is already booming in China, it is estimated that, at present, only 5% of Chinese nationals have passports.
Similar trends are apparent in other
emerging markets. What is clear, is that new consumers like the
millennials, as well as older baby boomers are not only demanding,
but looking for experiences, albeit very distinct ones.
Studies show that millennials are more tech-savvy and connected than any previous generation and are changing the way travel is consumed. In effect, millennials might take low-cost flights and go all out on activities and restaurants. Travellers today often look for experiences, whether it be an authentic local experience, an adventure or even and the opportunity to make a difference at the destination. In the next five to 10 years, this group will become the industry’s core customer base. Millennials’ spending on business flights is expected to account for 50% of global travel by 2020 and to maintain that share for the subsequent 15 years.
While millennials are on the rise, baby boomers are the most travelled generation to date and have more disposable income to be able to travel. Creating a strong value proposition for this group will be key to attracting them in the next decade.
Tourism is not only leisure travel but also M.I.C.E. and Business Travel. The Emerging Markets are getting more and more important here as well:
Importance of Emerging Markets for the EU (ch. 8):
Selecting Emerging markets: What do we want to find out?
Differences in travel purposes, travel forms, travel behaviour, travel expectations etc.
Prof. Dr. Wolfgang Georg Arlt FRGS FRAS