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About the Travel Industry

The global travel industry is closely linked to the state of the global economy. Global travel is expected to slow in the next few years due to the state of the economy, rising fuel costs, political turmoil and social unrest. The value of the global travel industry is forecast to be $1 trillion, accounting for 1 billion 'arrivals'. The market will be supported by a growing middle class in emerging markets such as China.

Global car rental and hotel industry gained growth in 2010 due to a demand recovery, although demand remains fragile. Hotels are due to suffer a decline in demand in 2012. Asia Pacific presents the greatest opportunities for future growth. Propelled by China and India, Asia economies enjoyed economic growth in 2010. Intra-regional travel is forecast to boost travel arrivals and inbound tourist receipts as more middle class travellers explore the region for the first time.

International tourist arrivals totalled 980 million in 2011 representing an increase of 4% at a time when the global economy stalled and major political changes in the Middle East and North Africa and natural disasters in Japan. Europe represented the best region in terms of tourist arrivals growth, increasing by 6% during 2011. However, South America represented the fastest expanding sub-region in 2011 in terms of tourism and travel with tourist arrivals increasing by 10%.

The global travel and tourism market accounts for 5% of the global GDP and 6% of all exports, with the industry employing one in twelve people globally.

In 2011, tourist arrivals in Europe totalled 503 million accounting for 28 million of the 41 million additional international arrivals recorded worldwide. The south Mediterranean area has benefited from the political unrest in North Africa and the Middle East. In addition, increases in outbound flows from Scandinavia, Germany and the Russian has driven growth within the European travel industry figures.