CHINA is the key emerging market the travel and tourism industry should focus on over the next five years, according to new research recently revealed at the inaugural WTM Vision Conference - Milan.
A report from Euromonitor International, launched at the event, found the far eastern giant is predicted to be the biggest outbound tourism market of the emerging BRIC (Brazil, Russia, India and China) economies.
The Travel and Tourism Global Overview report looks at the absolute increase in outbound travellers from a number of leading markets. China leads the way for the BRIC economies, with a total of 20 million new outbound departures between 2010 and 2015. Russia is next with an increase of nearly 12 million and India with more than nine million.
Brazil fares less well with only two million new trips forecast, although its focus during the period will be on attracting inbound travellers, driven by its hosting of the FIFA World Cup 2014 and the 2016 Rio de Janeiro Olympic and Paralympic Games.
“More than 40 countries are now predicted to have more than one million additional outbound trips over the next five years, with many from the Middle East and Asia Pacific, home to growing middle classes, keen to travel and explore overseas,” Euromonitor International travel and tourism industry analyst, Angelo Rossini told delegates.
Arrivals between 2010 and 2015 were also studied. Again, the US and China lead the way with an absolute growth in visitors of 18.6 million and 17.8 million respectively. In dollar terms, the US will benefit to the tune of $49.4 billion with China’s income from the new arrivals at $15.9 billion.
“All inbound and outbound travel businesses need insight into the key markets of Brazil, Russia, India and China and these new figures provide a valuable and intriguing view,” said World Travel Market chairman Fiona Jeffery.