Euromonitor, the world’s leader in strategy research for consumer markets, released their annual World Travel Market Global Trends Report 2012 at London’s World Travel Market this month.
The reports have successfully predicted some significant trends in the travel and tourism industry over the past eight years.
One of the key predicted industry trends for travel companies includes gamification, or the integration of gaming dynamics in non-gaming environments to create brand awareness and loyalty.
Some of the predictions of the 2012 Euromonitor Trends Report also include:
- Global economic growth to remain polarised, with emerging economies performing strongly, and developed countries continuing to stagnate.
- The IMF predicts global GDP growth of 3.5% for 2012, down from 3.9% in 2011.
- Global tourist arrivals in 2012 will top one billion people, showing growth of 3.4% over 2011, driven by Asia Pacific and Eastern Europe
- Arrivals from BRIC countries continue to boost tourism, while the traditional markets of Europe and the US remain vulnerable to austerity measures and traveller caution.
- Inbound spending in 2012 is predicted to show higher growth at 4.5%, reaching well over US$1 trillion due to fast-growing expenditure by visitors from emerging countries.
- Medical and shopping tourism, rail, cruise and spas are expected to perform the best over 2012 to 2016, while online travel will continue to outperform offline in terms of value growth.
- Emerging markets in particular are expected to see solid growth in online travel bookings, as internet penetration increases, along with improved payment methods.
- Consumers have acquired a more central role in the travel industry thanks to more information and choice offered by the online travel revolution, impacting travel business models.
The Euromonitor Trends Report for 2012 highlights some other interesting observations: Shopping as a major theme; BRICs flocking to Europe; Indians jetting off on low-cost carriers to purchase gold; hotels being built inside shopping malls in the Middle East; Technological innovation is the driving force between the rise of smart TVs and creating new opportunities for travel brands; Americans are drawn to countries coming in from the cold, such as North Korea, Cuba and Myanmar, while Nigeria’s film industry, Nollywood, is a magnet for intra-regional African travel.