Published on : Wednesday, October 19, 2016
A dramatic 48% growth has been reported in the global luxury travel sector and global business travel spending is expected to reach USD 1.6 trillion by 2020.WTO predicts within the next twenty years, the total outbound tourists from the Middle East would reach a whopping 37 Million with a spending capacity of an estimated USD 20 Billion.
Buyers from the GCC have a higher spending capacity compared to any other average corporate traveler. When it comes to luxury travel, Middle Eastern clients have been known to travel to destinations all over the world with their exceedingly large families and spend 260% more on airfares than any other nationalities, with 40-60% booking business class travel.
India on the other hand, is the 10th largest business travel market in the world with MICE & Business Travel accounting for 4.9 million trips – this figure is set to increase by an estimated 62% by 2017.
With an aim to drive their bottom line results, Indian corporations are setting huge budgets aside for international MICE & incentive travel purposes. Luxury is the fastest growing segment of the Indian travel industry with premium buyers looking out for more exclusive and personalized experiences.
Tags: MICE News