17 October 2012, Singapore – PhoCusWright released a study at the fifth edition of ITB Asia, Asia’s Travel Market trade show today.
Asia Pacific’s travel market is expected to maintain high single-digit growth at 9% and 8% this year and next year respectively. Asia Pacific is one of the growth engines driving global tourism.
China is expected to supersede Japan as the region’s largest travel market by 2013. China’s travel gross bookings are expected to increase almost twofold from US$54.8 billion in 2009 to US$105.5 billion in 2013.
The World Travel and Tourism Council (WTTC) has forecasted growth for the overall region of almost 6% this year, tripling the growth of Europe.
“There are variations within the region, with strength in China, India, Indonesia and the Philippines compensating for weaker growth in Thailand, Singapore, Australia and New Zealand, but the overall picture is on of dramatic growth over both the short term and long term,” shared David Scowsill, President and CEO of WTTC.
ITB Asia is held at Sands Expo and Convention Centre in Marina Bay Sands from today to 19 October 2012. This year there are 865 exhibiting companies from 72 countries which is a 15% increase from last year. The top four industry sectors representing the show include hotels and resorts, tour operators and travel agencies, tourism organisations and associations as well as business and MICE.