Published on : Friday, October 27, 2017
Travel & tourism creates prosperity, being one of the world’s largest economic sectors. The United Nations has chosen 2017 as the ‘International Year of Sustainable Tourism for Development’. This is to further develop the enormous economic, social, cultural, environmental, and heritage value that is linked with the sector.
By 2027, travel & tourism will account for 31,910,000 jobs directly, which is an increase of 2.1% per year over the next 10 years. In India, total contribution of travel & tourism to employment will be 50 million and that is a very positive impact on the economy of the country. According to the WTTC, by 2027, international tourist arrivals to India are forecast to reach 17,284,000, generating a tourist expenditure of INR 2,901.7 billion.
Forbes Asia has said that the global travel & tourism GDP will grow at an average of 3.8% a year, directly and indirectly. Its GDP contribution to the world’s economy will rise to 10.5% and by 2025 it will account for 10.7% of the world’s employment. South Asia will be the fastest growing region as India out paces China.
Top countries to experience significant growth in travel and tourism will be India, China, Thailand, Indonesia, Peru and Kenya. IATA predicts that China would overtake the US as the world’s largest passenger market by 2030. IATA also predicts that the five fastest growing markets in terms of passenger-per-year will be China, the US, India, Indonesia, and Brazil.
IATA estimates that aviation industry will generate around 105 million jobs and contribute USD 6 trillion to the global GDP in the next 20 years. Emerging markets will not only become larger source markets, but also they will become more attractive destinations. The WEF report predicts that between 2016 & 2026, the top 10 fastest growing destinations for leisure travel spending would have India at the top.
Smart Travel, Smart Visas, Smart Borders, Smart Security processes and Smart Infrastructure will revolutionize the travel & tourism sector the way the smart phone has transformed communication. The travel industry needs to rely on technology and digitization to create a safe and seamless experience for passengers.