Tourism is one of the most important sectors in the economy of the Asia Pacific region. Tourism contributes to the economic development of nations and contributes heavily towards employment generation. Tourism also has a positive effect on the environment and infrastructure along with the society. These factors have made tourism a key driving factor for socio economic progress. Tourism spend is categorised as expenditure on accommodation, entertainment and sightseeing, food service, retail, transport, travel intermediation, and other related travel expenditure.
Asia-Pacific Tourism Spend Analytics: Sector Growth Drivers and Challenges
A strong economic growth in the Asia Pacific region coupled with a stable political climate and a sharp increase in disposable income are some of the factors contributing towards a boom in the tourism sector in the region. Besides, an increasingly interconnected world and the easing of travel restrictions with facilities such as visa on arrival are also increasing the tourism traffic in the Asia Pacific region. A growing and affluent middle class population in large emerging economics of China and India is also contributing to the growing spend of tourists from these countries. Moreover, with the spread of the internet and the smartphone revolution, there is a great deal of information available about various travel options across the world and the payment options also have become easier. All these factors are giving a fillip to the tourism spend in the Asia Pacific region. Hence, it is the countries from emerging markets such as India, China, Malaysia and the like who are going to be the key drivers of tourism spending in the Asia Pacific region. However, external factors such as economic recession, outbreaks of war, spread of deadly contagious diseases and terrorist attacks are some of the reasons that can act as a restraint to the growth of the Asia Pacific tourism industry.
Asia-Pacific Tourism Spend Analytics: Key Statistics
According to the figures released by the Pacific Asia Travel Association (PATA), more than 150 million tourists from China will travel to other Asia Pacific nations by 2020, as compared to 102 million tourists in 2015. Additionally, it is also anticipated that aggregate expenditure by the Chinese in the Asia Pacific region will increase from US$ 157 billion in 2015 to more than US$ 230 billion in the year 2020. The travel and tourism direct industry in Asia contributed US$ 694 billion in the year 2014 as per the figures released by the World Travel and Tourism Council. According to a new report by VISA, more than 109 million households in the Asia Pacific will go on at least one international trip per year by 2025, up by 65% from 2015. However, it is the tourism markets in emerging economies such as Indonesia, Vietnam and India that are likely to witness rise in tourism related spending.
As per the VISA report, the growing affluence and a rise in incomes will give rise to a new class of travellers, which will mainly comprise people coming from the emerging economies. According to estimates, households with an income of more than $20,000 per year make up over 90% of the total spends on foreign travel in the present times. By the year 2025, nearly half of the households worldwide will meet this income criteria, giving rise to maximum international travel related to tourism, and most of these households will be from emerging economies.
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Asia Pacific Tourism Spend Analytics Forecast
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