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Rising Disposable Income of People Worldwide to Escalate Growth of Travel and Tourism Industry

Press release   •   Jul 19, 2017 05:57 EDT now features a report, titled “Travel and Tourism Industry Business Outlook and Procurement Survey H1 2017.” The report reviews opinions of executives on the business overview and procurement activities for the review period between June and November 2017. As per the finding of the report, procurement expenditure for travel and tourism companies is anticipated to climb up by an average of 5% during the forecast period. In addition, more than half of executives in the travel and tourism industry estimate supplier prices to increase during the same period.

The rising disposable income of people around the world is one of the primary growth stimulants of the global travel and tourism industry. The increased spending power has resulted in the rise in domestic and outbound tourism. Moreover, governments worldwide are proactively engaged in designing policies that promote and develop the travel and tourism sector in their countries, which has a positive impact on the overall industry. Rapid globalization is also playing an instrumental part in the development of the industry. The increase in the number of people traveling for business and trade purposes is contributing to the expansion of the industry.

On the flip side, the volatile prices of oil are adversely affecting the growth of the industry. Oil prices influence several factors such as airlines fees, travelers’ spending power, and destination choices. Natural disasters and other environmental issues have the potential to destroy sceneries and holiday destinations and bring climatic change. Therefore, the rising environmental issues are hampering the growth prospects of the global travel and tourism industry.
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Nevertheless, the advent of online travel services and resources is opening new avenues for players in travel and tourism industry. An increasing number of people prefer the internet to book hotel accommodation and travel tickets to traditional travel agents, as it provides convenience and ability to compare various deals and prices. Moreover, organizations are intending to increase their reliance on the technology in order to reduce their internal operating cost.
The travel and tourism industry is one of the world’s largest industries. This industry plays an important role in supporting economic growth development of a country. It is a large source of generating employment besides serving as a noteworthy foreign exchange generator. External merits of travel and tourism include the development of the education, social, and infrastructure sectors.
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Developed regions have always been popular tourist destinations. Each year, Europe receives massive tourist arrivals. Besides this, it also produces a prodigious number of travelers. However, developing countries are expected to witness a significant growth in the travel and tourism industry. Countries such as Brazil, India, and China are expected to offer lucrative opportunities for the industry. The widening base of middle-class population and the booming medical tourism sector are providing a fillip to the industry in these countries.
Amidst the intensifying competition, participants in the global travel and tourism industry are focusing towards improving their sustainability operations and operational efficiency. New product development and expansion in geographical outreach are some of the go-to strategies of the majority of key players. There is expected to be a significant increase in the mergers and acquisition activities in the industry over the next six months.
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