WORLD Travel Market 2010 (WTM), the premier global event for the travel industry, is poised to be the barometer for the health of the travel and tourism industry as the global economy emerges out of the financial downturn.
The World Travel and Tourism Council is predicting a 0.5 per cent increase in real GDP growth this year increasing to an average of 4.4 per cent over the coming 10 years, while Euromonitor International, at WTM Vision this summer in London, predicted a multispeed recovery with different sectors and geographical regions returning to growth at different times. As the global industry comes to London for WTM 2010 from November 8 to 11, the omens are looking positive.
Last year, WTM generated more than £1,139 million ($1,765 million) in travel industry deals and senior buyers from the Meridian Club are confident of increasing that figure with almost two-thirds (64 per cent) of members polled stating they expect to conduct a greater amount of business (in monetary value) at WTM 2010 than they did at WTM 2009.
Three out of 10 Meridian Club members expect to conduct between 11 and 25 per cent more business than last year and a further 35 per cent expect to conduct up to 10 per cent more business than in 2009.
The results of this poll are encouraging for both World Travel Market and the wider industry as it would appear the industry is leaving the financial downturn behind.
World Travel Market 2010 will be the largest ever WTM due to the £165-million ($255-million) expansion of host venue ExCeL, London. This expansion has allowed WTM to introduce a number of new features while also improving the environment to conduct and conclude business in.
One major new initiative is the sports pavilion which opens up WTM delegates to one of the fastest growing sectors in the industry, responsible for generating more than $51 billion a year. The sports pavilion has some of the world’s leading stadia exhibiting including Wembley, Lord’s, Wimbledon and Twickenham.
Furthermore, this year will see a Meridian Club lounge in each exhibition hall with the intention of making it even easier for exhibitors and club members to conduct negotiations.
The travel and tourism industry has experienced difficult times through the recent financial downturn and will continue to do so – 13 travel companies in the UK have failed this year with predictions of a further 20 collapsing before the end of the year. However, the industry’s desire to sign deals and the global consumers’ clear desire to travel means World Travel Market 2010 is poised to be a very busy four days indeed.
By Fiona Jeffery, chairman World Travel Market