In a major realignment of the world’s travel market, Europe will remain sluggish as Asia begins to dominate, according to a new industry report, The Travel Gold Rush 2020.
Other trends noted by the report prepared by Oxford Economics commissioned by Amadeus:
—The richer and older segment will provide new revenue opportunities.
—Business travel will recover but “business class” may wither.
—Face-to-face agents will evolve into “lifestyle managers” meeting the total needs of travelers.
The major finding, however, involves Asia.
—“While 2010 has seen a return to global growth, Europe remains sluggish and the outlook is uncertain. Looking forward to 2020, the study outlines how Asia will account for one third (32 percent) of global travel spend, which is up from only 21 percent today, representing a dramatic realignment over the next ten years,” the report said.
The key to unlocking growth and profitability in the travel sector is delivering a ‘total travel experience’ that has so far proved elusive, the report found.
To download a copy of the entire report, visit: www.amadeus.com/goldrush2020.
By David Wilkening
