The WTM Global Trends Report 2014, in association with Euromonitor International, is released on the first day of the World Travel Market.
The report highlights the emerging trends in the global travel and tourism industry.
Key findings are below:
In the Americas, cycling is rivalling golf for the leisure time of middle-aged men, which is expected to have an impact on the tourism industry.
In UK, hostels are making a bid for the cost-conscious, style-seeking consumer, glamourising their properties to compete with boutique hotels.
In Europe: Peer-to-peer dining websites, offering not only meals but also more authentic travel experiences, are expected to follow in Airbnb’s footsteps.
In Middle East: Middle East design weeks are changing the face of the region and attracting an increasing number of creative minds.
In Africa, surfing tourism is growing quickly in Africa and represents an interesting opportunity for sustainable tourism development.
In Asia, Chinese WeChat is leading the expansion of messaging services from communication-only to mobile commerce and payment tools.
In India, rail is the fastest growing sector in India for online travel bookings, with the new channel helping it to compete with low-cost airlines.
In Travel Technology: Wearable electronics will become an important tool for always-connected consumers to receive notifications and make bookings.
Hotels are responding to guests’ online behaviour by encouraging them to post photos on social media in exchange for rewards and perks..
The Global Trends Report provides the inside track into the future trends that will shape the global travel industry in the year ahead, as identified by Euromonitor’s travel experts.
The International Monetary Fund predicts global Gross Domestic Product growth of 3.4% for 2014, up from 3% in 2013, with China, India and the Association of South East Asian Nations key drivers of growth.
Brazil, Russia, India and China have lost their shine with China seeing an expected slowdown, but still is poised to overtake the US as the world’s largest economy in Purchasing Power Parity terms in 2014.
Travel and tourism continues to prosper globally, with arrivals reaching a record 1.1 billion in 2013, up by 5.1%. 2014 is forecast to see a further increase, estimated at 4.7%.
Inbound receipts are also expected to see healthy growth, with Asian middle and affluent classes the biggest spenders when travelling overseas.
Hotel sales globally are rising, driven by strong performances in North America and Asia Pacific.
Low-cost carriers continue to be the most successful sector in air travel with the business model embraced by many scheduled airlines.
Mobile technology is currently transforming the tourism landscape in terms of bookings, customer service and consumer behaviour.
Destination services, personalisation, mobile bookings and peer-to-peer are expected to be the main disruptive forces in the travel industry over the next five years.