LONDON, UK – The global travel industry is expected to reach close to USD3 trillion and grow by 3.3% by 2024, according to new research released by the global market research company Euromonitor International.
Online travel sales will account for the largest share at 52%, with mobile sales representing a quarter of all travel bookings as the travel industry continues its digital transformation.
“The travel industry is riding this wave that has an impact across the consumer spectrum, as consumers increasingly value experiences such as travel.” Comments Caroline Bremner, travel industry manager at Euromonitor International.” Euromonitor International’s latest lifestyle survey shows that 43% of global consumers prioritise experiences over material possessions, while 78% value real world practices in 2019.”
Domestic tourism is becoming popular mainly influenced by rising incomes in emerging markets. It is expected to grow at 8% annually reaching 19 billion trips by 2024, in comparison to international arrivals, expected to reach 1.8 billion trips.
“Travel is at the forefront of several drivers, whether they are economic, political, social, demographic, environmental or technological in nature. Megatrends identified by Euromonitor International can help make sense of shifts in consumer behaviour and attitudes impacting all countries and industries globally”, concludes Bremner.
Euromonitor will reveal the ‘Megatrends Shaping the Future of Travel: 2019 Edition’ report at the World Travel Market London, November 5th, 2019.
Pre-register now to receive your copy of the report: https://bit.ly/2mbpSh9
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For further information, please contact:
Ayesha Makuyi
Senior Communications Executive- Euromonitor International
Tel: +27 (0) 21 524 3000 ext. 6019
Ayesha.Makuyi@Euromonitor.com
About Euromonitor International
Euromonitor International is the world’s leading provider for global business intelligence, market analysis and consumer insights. From local to global and tactical to strategic, our research solutions support decisions on how, where and when to grow your business. Find the right report, database or custom solution to validate priorities, redirect assumptions and uncover new opportunities. With offices around the world, analysts in over 100 countries, the latest data science techniques and market research on every key trend and driver, we help you make sense of global markets.