Travel & Tourism Millenials vs. Traditional

Travel & TourismAccording to most forecasts, the future of travel & tourism continues to be full of promise. The tourism industry of today is the product of many forces that have shaped both its structure and the manner in which it functions.

Since 1950, when international travel started to become accessible to the general public, tourist activity has risen from 25 million to 760 million arrivals in 2005. International tourism receipts have risen from US$2.1 billion to US$514 billion in 2003. The result is that tourism in the late 1990s was a very large and dynamic sector of the economy. Because of the rapid grow and change of the past, one might be inclined to believe that tourism has now reached a mature phase of its development.

TOURIST ARRIVALS WORLDWIDE AND BY REGION 2010-2020
TOURIST ARRIVALS 2010-2020

As shown in the picture below, tourist arrivals are forecast to top 1 billion in 2010, and reach 1.6 billion in 2020. These volumes represent an overall average annual rate of growth between 1995 and 2020 of 4.3 percent with no slackening of growth over the period.

Europe will remain the largest receiving region, though its below-global average rate of increase will result in a decline in market share from 59 percent to 45 percent. East Asia and the Pacific, increasing at 7.0 percent per annum, will pass the Americas as historically the second largest receiving region, holding a 27 percent market share in 2020 against 18 percent by the Americas. The respective shares of Africa, the Middle East, and South Asia will all record some increase to 5 percent, 4 percent, and 1 percent by 2020.

Most significantly, the World Travel & Tourism Council research shows that some 269.5 million people around the globe will be employed in jobs that exist because of demand generated by travel and tourism by 2015. The bottom line is that travel and tourism is driving directly and indirectly, more than 10 percent of employment today, globally, regionally and nationally.

                                               SWOT ANALYSIS

STRENGTHS

·         Existing tourist market

·         Higher historical and cultural diversity

Weakness

·         Higher intervention of Government

·         Lack of nation policies to the development

Opportunities

·         Introducing new threads of tourism

·         Good chance for progress

Threats

·         High competition

·         Indirect competition from others

 

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