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Published on : Monday, November 18, 2013
The emerging markets of Brazil, Russia, India, China and South Africa have long been highlighted as the future powerhouses of the travel and tourism industry. The BRICS have featured heavily in all four of the World Travel Market Industry Reports.
In the 2010 report, almost half (47%) of the industry saw the BRIC nations (minus South Africa at that stage) as one of the biggest growth opportunities until 2014, with almost one in three (28%) seeing them as the single biggest opportunity over the same period.
China remains the most important of all the BRICS markets for outbound tourism. In 2012 China was viewed as the most important market followed by Russia, Brazil, India and then South Africa.
This year China is still at the top for outbound tourism, highlighted by more than a fifth (21%) of senior industry executives. Russia was second on 16%, followed by India and Brazil on 13%, with South Africa on 9%.
The size of the potential market and the potential spend alongside existing business links were cited as the reasons for China being the most important outbound tourism market.
With Brazil, forthcoming tourism events and growing economy is cited. However, 28% of those polled say the BRICS nations are not important to their businesses. This may indicate the industry is shifting its focus away from the BRICS to other emerging economies.
Source: World Travel Market Industry report 2013.