The ageing population, an increasingly connected society and fluctuating economic conditions are only three of the key factors so they can set future trends within the global travel and tourism industry, in step with industry leaders who spoke at the first day of the realm Travel & Tourism Council Global Summit.
Other factors include the expansion of the center class with its increased disposable income; in addition to the emergence of a brand new generation that prioritises travel and cares for its environment.
“We live in new Renaissance, we are living in a period of unparalleled opportunity, which has changed in several ways we can’t start to imagine,” professor Ian Goldin, director, Oxford Martin School, University of Oxford, said during his address to the Summit.
“The trends of the longer term would be demographic, economic and ecological, globalisation is essentially the mostsome of the most progressive, powerful force we’ve ever seen, but it surely has to be managed,” he concluded.
Professor Goldin spoke through the first session of the Summit entitled ‘The Global Context’ on the two-day event held in Jumeirah by Etihad Towers.
The opening keynote address was made by WTTC president David Scowsill, who said: “Travel is a lifestyle or even within the toughest times, it is still a concern for populations world wide.
“Travel and tourism drives economies and creates jobs; or even in challenging economic times, it still has the possible to grow, as consumer appetite for travel beyond national borders remains insatiable.”
According to Dr Stelter, senior partner and managing director, The Boston Consulting Group there’ll be some ‘mega-trends’ shaping the industry.
“The Travel and tourism mega-trends a good way to impact the industry are changing customer needs on account of an ageing population; the shift to RDE; further globalisation; and more convenience and time compression,” he said to a packed auditorium.
There could be hurdles thrown up by mobility, infrastructure challenges and effort scarcity; new technology and increased intermediation, he explained.