Despite the dire warnings that arrived in the aftermath of September 11th, most individuals remain intent on exploring the world around them. This means flying on planes, boarding cruise ships and traveling by train to their favorite destinations. Based on the latest research, people from all over the world will continue to catch and maintain the travel bug, spurring record profits in sectors related to transit, hospitality and entertainment.
A recent report, commissioned by Amadeus and written by Oxford Economics, points to a travel industry growth rate of 5.4 percent per year. This 5.4 rate is a definite improvement over the travel rate during the global recession, which hovered at a concerning 4.1 percent for quite some time, before finally ticking up in the past few years.
In coming years, the greatest surge of travel growth is expected to take place in China, where the tourism industry is already prepping with the construction of impressive bullet trains and record-breaking theme park attractions. Oxford Economics’ report suggests that this growing market is already well on its way to being the world’s tourism leader, with China expected to surpass the United States as the largest outbound travel market by the end of 2014. In a few short years, China will also pass up the US by becoming the largest domestic travel market.
Experts refer to the coming decade as a new golden era for travel — and they’re not just talking about travel for Chinese citizens and tourists. The modern emphasis on global connections will ensure that individuals from a variety of backgrounds will make travel a priority, flocking to destinations all around the world. This is great news, both for the purpose of economic gain and the continued fostering of stronger cultural connections.