Travel and tourism have been hit hard by the global pandemic. However, the World Travel and Tourism Council (WTTC) has projected a positive outlook for the future of this industry. In this article, we will explore the WTTC’s projections for travel and tourism.
The Projections
According to the WTTC, travel and tourism are expected to make a strong comeback in the coming years. The council projects a growth rate of 5.5% per annum for travel and tourism over the next ten years. This growth is expected to be driven by both domestic and international travel.
Domestic Travel
Domestic travel is expected to recover faster than international travel due to ongoing restrictions on international borders. As people continue to work remotely, they will look for new destinations within their own countries that offer unique experiences.
The WTTC predicts that domestic spending on leisure travel will increase by 4.9% per annum over the next decade. This growth is expected to be driven by millennials who are looking for more experiential trips rather than just sightseeing.
- Domestic spending on leisure activities such as theme parks, museums, and cultural events is expected to grow at a rate of 5.9% per annum.
- The hotel industry is also expected to see significant growth over the next decade with an estimated increase of 4.2% in domestic hotel demand each year.
International Travel
International travel is also projected to grow in the coming years as vaccination rates increase and restrictions ease. The WTTC predicts that international arrivals will grow at a rate of 4.8% per annum over the next ten years.
The council expects Asia-Pacific region to account for almost half of all international arrivals by 2030. Europe and North America are also expected to see significant growth in international arrivals.
The WTTC predicts that spending on outbound travel will increase by 5.4% per annum over the next decade.
The hotel industry is also expected to see growth in international demand with an estimated increase of 3.8% in hotel demand each year.
Conclusion
In conclusion, the WTTC projects a positive outlook for travel and tourism despite the challenges posed by the pandemic. Domestic travel is expected to recover faster than international travel, and both segments are projected to see significant growth over the next decade. The projections offer hope for a rebounding industry and highlight the importance of continued investment in this sector.
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