American companies trialling “unlimited” holidays, an increase in global GDP and UK cities turning to “hi-tech solutions” to lure tourists away from London.
These are just some of the key findings of the WTM Global Trends Report, compiled in association with Euromonitor. The report highlights emerging trends in the global travel and tourism industry.
It noted that economic growth across the globe remained uncertain, with rising geopolitical unrest, a potential US interest rate rise, oil price volatility and the ongoing eurozone crisis all causing concern.
Despite this, the International Monetary Fund predicts global GDP growth of 3.2% for 2015, while travel has continued to shine globally – arrivals reached more than 1.1 billion in 2014, up by 4.3%, although the report said 2015 was predicted to see slightly slower growth, at 3.7%.
Looking at regional spending, Asia-Pacific was seen as the area likely to see the fastest growth in inbound expenditure over the next five years.
In technology trends, mobile continues to become ever more important as a booking stream, accounting for some $96 billion travel sales globally last year.
Despite a recent slowdown, outbound Chinese travellers remain on the rise, reaching more than 84 million in 2014.
Focusing on the UK, the report noted that the economy remains “on the right track, with slow but constant growth over the last couple of years”.
