Tourism Trends 2014

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Tourism Trends 2014

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Tourism Trends 2014

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  3. 3.   Global Tourism Trends Global World tourism has exceeded all the growth expectations put forth for 2013, as reported by the World Tourism Barometer OT in one of its most recent publications. The number of international tourist arrivals grew by 5 % during the first half of 2013 when compared to the same period in 2012. Close to 494 million tourists arrivals were recorded in this period, over 25 million more international visitors than in the same period of 2012. This figure exceeds the forecasts made earlier this year, which predicted between +3 % and +4 % growth (WTO, 2013). Asia, the Pacific and Europe led this growth. Europe had an increase of 5%, Asia-Pacific grew by 7% and South Asia exceeded all expectations and recorded a 12% increase. China is the main source of outbound tourists. Asia remains the leading global region for economic growth. In 2012, the number of outbound tourists totals 83,182,700, up 18.41% comparing with 2011.The China Tourism Academy expects the Chinese outbound market to reach 94 million trips this year, up 15 percent from 2012. China surpassed the U.S. and Germany in 2012 to become largest source of outbound travelers in the world. International tourism expenditure exceeded WTTC (World Travel and Tourism Council) expectations with estimated growth of 4.0% in 2013, more than the previous estimate of 3.1%. The total contribution from Travel & Tourism to the world economy will be 2.9% in 2013. The IMF predicts global GDP to rise by 3.8% in 2014 thanks to steady growth in the Eurozone. Global tourist arrivals and inbound spending will continue to be vital for the 2012-2017 period. Latin America The direct contribution of Travel & Tourism to GDP was USD138.8bn (3.2% of total GDP) in 2012, and is forecast to rise by 4.7% in 2013, and to rise by 4.8% to USD232.4bn in 2023 (in constant 2012 prices). (World Travel and Tourism Council) In 2012 Travel & Tourism directly supported 5,849,000 jobs (2.9% of total employment). This is expected to rise by 3.1% in 2013 and rise by 2.7% to 7,895,000 jobs (3.3% of total employment) in 2023. (World Travel and Tourism Council) Visitor exports generated USD38.3bn (4.7% of total exports) in 2012. This is forecast to grow by 5.1% in 2013, and grow by 7.8% to USD85.3bn in 2023 (6.1% of total). (World Travel and Tourism Council) Travel & Tourism investment in 2012 was USD49.7bn, or 5.7% of total investment. It should rise by 7.3% in 2013, and rise by 6.1% over the next ten years to USD96.7bn in 2023 (6.6% of total). (World Travel and Tourism Council) Ecuador The direct contribution of Travel & Tourism to GDP was US$1,439.1mn (2.0% of total
  4. 4.   GDP) in 2012, and is forecast to rise by 5.3% in 2013, and to rise by 4.6% to US$2,384.9mn in 2023 (in constant 2012 prices). (World Travel and Tourism Council) In 2012 Travel & Tourism directly supported 110,000 jobs (1.7% of total employment). This is expected to rise by 2.4% in 2013 and rise by 3.3% to 156,000 jobs (2.0% of total employment) in 2023. (World Travel and Tourism Council) Visitor exports generated US$918.0mn (3.6% of total exports) in 2012. This is forecast to grow by 1.1% in 2013, and grow by 5.3 to US$1,557.4mn in 2023. (4.9% of total) (World Travel and Tourism Council) Travel & Tourism investment in 2012 was US$704.1mn, or 3.9% of total investment. It should rise by 7.2% in 2013, and rise by 4.5% over the next ten years to US$1,174.9mn in 2023 (4.3% of total). (World Travel and Tourism Council) Opportunities and Trends The imminent growth of the Travel and Tourism sector and the predicted growth of global GDP present an opportunity for the growth of the Economic impact of tourism in Latin America and Ecuador. Given the favorable circumstances, it is vital to pay attention to the Travel trends in 2014 in order to maximize the economic benefit of tourism. 2014 will be an important year for tourism and travel and the Travel Trends are as follows: • The importance of Millennials and seniors keeps on rising. • Social Media and virtual presence is vital. • Luxury and Eco Friendliness become bigger factors. • Travelers have started to value quality over savings. • Health is biggest factor in travel decisions. • The Americas should focus on PANKS (Professional Aunt, No Kids) • More multi-generational travel. Health condition is biggest factor in travel decisions. According to Emerging Lifestyle & Travel Trends American tourists name their reasons to travel as follows: 1. Health (58%) 2. Financial Stability (45%) 3. Get to know the World (37%) 4. Spend more time with Family (37%) 5. Spend more time with friends (29%)
  5. 5.   The importance of Social Media. Blogs are very influential tools when deciding where and when to travel. A few examples include About Tourism, Where I've Been, and DownTown Traveler. Additionally, travel destinations and hotels with a social media presence such as Facebook or twitter tend to have a wider reach when trying to captivate an audience. Visual tools like Instagram can serve to further advertise the visual appeal of a destination. Millennials and Technology Millennials (people born between the early 1980s to the early 2000s) are starting top lay a large role in tourism, especially when it relates to social media and technology: • Millennials are far more interested in international travel than non-Millennials, Millennials are more interested in urban rather than resort destinations • Millennials are more likely to travel for leisure in organized groups, with extended family, or with friends. • Millennials are twice as likely as non-Millennials to use their mobile phones to show travel pictures to friends, share travel photos on social media, blog or recount travel experiences online, and post travel reviews, according to a survey by BCG. • 8 in 10 Millennials consider online travel reviews either “somewhat” or “very important.” Wired & Wireless. • More than 40% of all online research for travel came from a mobile device.   • Millennials are more likely than their older colleagues to book their business travel on their mobile phones (32 percent) or tablets (20 percent), a habit that’s slow to catch on among 46- to 65-year-olds. (Expedia.com) • Internet access is the MOST important hotel amenity for affluent U.S. travelers. • Mobile apps are replacing the hotel concierge (Resonance Consulting) Luxury and Eco-friendliness. Many travelers prefer luxury. In 2013, 26% of travelers preferred luxury hotels and accommodations, compared to 15% in 2011. Luxury travelers are seeking out ways to stay active and healthy on the road. Luxury travel continues to be a robust segment of the industry.

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