Tourism Expected to Grow by 4% by 2020, Despite Adverse External Shockwaves

LONDON–(BUSINESS WIRE)–Market
Research Company
Euromonitor International released today its latest
travel research, providing the latest insights on the industry
performance.

According to Euromonitor’s new research, global travel and tourism sales
grew consistently despite high external shockwaves. Geopolitical
tensions, whether terrorism or political concerns, have impacted the
traditional sun and sea destinations in locations such as the
Mediterranean Sea, with safer destinations winning out. “The
substitution effect, where tour operators shift capacity away from
troubled hotspots to more stable countries, is visible” says Caroline
Bremner, Head of Travel Research at Euromonitor International.
International arrivals declined in Egypt and Tunisia, suffering a
negative growth of 25 percent and 5 percent respectively, as the travel
industry and consumers shun trouble for the safer shores of Spain,
Portugal and Croatia.

Global uncertainty also hit the UK, with the Brexit vote expected to
affect domestic tourism in the short to mid-term. Euromonitor
International predicts 2.3 million less visitors during the 2015-2020
period. Bremner adds “Destination branding and consumer desire to travel
would be hit hard by the uncertainty Brexit provides in the short to
mid-term.” The EU source markets, such as Ireland, Germany and Spain,
along with the US, would experience the sharpest forecast change in
volume. However, a pound slump after Brexit would help entice visitors
to the UK.

Euromonitor’s travel research also revealed:

  • Western Europe continues to be the most popular regional destination
  • Asia Pacific has increased by 10 percent between 2010 and 2015
  • Cuba experienced a spike in visitor numbers in 2015 registering 3.5
    million inbound tourists since the eased travel restrictions
  • Iceland has emerged as a popular holiday destination with 21.4 percent
    growth between 2010 and 2015

To find out more about Euromonitor’s travel research, visit http://blog.euromonitor.com/category/travel-and-tourism

About Euromonitor International

Euromonitor
International
is the world’s leading provider for global business
intelligence and strategic market analysis. We have more than 40 years
of experience publishing international market reports, business
reference books and online databases on consumer markets.

Contacts

Asti Michou
Communications Executive – Euromonitor International
asti.michou@euromonitor.com
+44
(0) 20 7251 8024 EXT 1402