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Published on : Friday, July 15, 2016
More households around the world will be packing their bags and heading to overseas destinations for their annual holidays over the next decade. According to a new Visa report, some 109 million Asia Pacific households are expected to go on an international trips once a year by 2025, up 65% from 2015.
The report forecasts travel trends in the next 10 years (2015 to 2025) identifying a growing middle class or “travelling class” with spare cash to spend, better air connectivity and a boom in senior travellers.Over the 10- year period, Visa’s report “Mapping the Future of Global Travel and Tourism in Asia Pacific” found average annual trip spend by households was likely to rise 8% to USD5,230.
“Travelling internationally will become more common and attainable in the future thanks to changing demographics, combined with technology advances that make travelling abroad easier and less expensive,” said, Visa Inc chief economist, Wayne Best. “What will emerge is an expanding “travelling class” that will spend a growing portion of their household income on cross-border travel. Tomorrow’s travelling class will likely be older and hail from emerging markets – looking very different from today’s typical international traveller.”
In Asia Pacific, households in mainland China (USD255 billion), Hong Kong (USD47.4 billion) and Singapore (USD44.9 billion) are likely to be the top markets with the largest outbound travel spend by 2025. However, emerging markets Indonesia (211%), Vietnam (132%) and India (101%) are likely to be experience the sharpest increases in spending.
Laos and Thailand Offer Joint Travel Options
Thailand’s Ministry of Tourism and Sports aims to ink an agreement with Lao PDR officials to promote ‘two countries, one destination’ travel products that could be included in tour packages sold by private sector travel firms.Tourism and Sports Minister, Kobkarn Wattanavrangkul, said in a statement, last week, that the countries will prepare a Memorandum of Understanding to strengthen tourism ties.
“We aim to strengthen Thailand and Laos tourism under the concept of two countries one destination campaign,” she said.The minister added: “Thailand has requested Laos to provide recommendations on its tourist attractions and identify priority sites that can be included in joint package promotions.”
Thailand believes it can improve its status as a regional hub for tourism in the Mekong region and is recommending that neighbours work more closely to establish joint travel packages. Last year, Thailand attracted 1.23 million Lao travellers increasing 17.00% from 1.05 million in 2014. According to the Lao PDR’s Tourism Development Department’s data, 2.04 million Thai tourists visited Laos in 2014, a decline of 0.76% from 2.05 million in 2013.