TravelRave is an annual travel trade festival organized by the Singapore Tourism Board featuring thought-provoking content and influential speakers. Some highlights of the 2013 paper here.
Asia is driving international tourism growth
In 2012, Asia Pacific recorded the strongest growth in international tourist arrivals, with a 7% increase. And between 2010 and 20301, the region’s arrivals are expected to increase twice as quickly as those in advanced economies. Leading the charge is China; considering that only 3% of its population own passports, China became the number one source market in the world in 2012, spending US$102 billion on international tourism.
Southeast Asia offers new opportunity
Southeast Asia’s dynamic economies, powered by a rising middle class, are strengthening in- and outbound travel throughout the region. It posted the highest growth among Asian sub-regions, with 9% more arrivals, largely due to continued strong intra-regional demand. Businesses and governments are looking to collaborate in order to leverage existing infrastructure, networks and expertise. Their aim is to help offset fluctuating demands while broadening the region’s ability to grow.
The consumer segment of Asian Millennial Travellers is a growth driver
As Asian economic powerhouses continue their growth trajectory, the emergence of the Asian Millennial Travellers presents significant business opportunities – both from a leisure travel standpoint and a corporate travel perspective. Industry players need to understand how best to target this segment.
Talent remains a challenge
Attracting, retaining and developing high quality talent at all levels remains a top challenge in Asia’s travel and tourism industry. Businesses and education providers must take a more strategic approach to talent and leadership development, especially as the addition of millennials to the talent mix requires additional consideration for management and HR departments.
Asia Pacific inbound tourism by region of origin
Asia Pacific will continue to grow considerably in both inbound and outbound travel, with most arrivals expected to be intra-regional. Click on all charts to enlarge.
International Tourism Expenditure
ASEAN Tourism Expenditure
Travel Industry Labour Supply Shortages
You are already seeing evidence of this in Phuket’s extremely low unemployment figures.
Images: Travel Rave