Cultural Advantage 2.0

Travel & tourism: A new itinerary

Both as destinations and as new sources of tourists, emerging economies are transforming the travel industry.

The rise of emerging economies marks the third revolution the travel industry has undergone in the past 50 years. The first came in the 1960s, in the shape of cheap air travel and package tours. Rising incomes enabled people of modest means to travel more, to farther-flung parts of the globe, and to take advantage of “all-in” offers that may have included sightseeing trips, scuba diving or camel rides. The second was the advent of the internet, which has allowed millions to book flights, hotels, hire cars and package tours without going near a high-street travel agent.

Now fast-growing emerging economies—not just Dubai but also the BRICs (Brazil, Russia, India and China) and others, such as South Korea and Vietnam—are changing the world of travel once again, either as destinations or as sources of newly affluent travellers. Often, citizens of these countries are visiting similar, emerging lands.

The WTTC claims that travel and tourism is the world's biggest industry in terms of its contribution to global GDP and employment.


Source:
http://www.economist.com/displayStory.cfm?source=hptextfeature&story_id=11374574

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