The global travel market is expected to grow at a rate of 4% every year over the next decade, fuelled by improved information for travellers and the opening up of new markets.
A report by the World Travel & Tourism Council and management consultants Accenture revealed a worldwide increase of 4.6% has been forecast for 2006, with an estimated 4.2% per year for the following ten years.
The continued stability for growth in the travel market was credited to the growing economies of China and India, alongside better access to information – via the internet – for travellers.
Alex Cruz, managing partner for Accenture’s European Travel Services practice, said: “Insight into how and where the Travel & Tourism industry is growing is critical for companies that want to improve their performance and take advantage of that growth.
“As all segments – airlines, lodging companies and tour operators – work to improve their bottom lines, having usable data about both the industry and their own business is essential.
“The travel industry’s high performers will be those that can use industry and customer data to make meaningful decisions.”
The UK market is expected to grow at 3.1% over the next decade. The sector represents 9.4% of the UK’s GDP and is believed to account for around 2.6 million jobs.