Asia’s most middle-class groups spend their disposable income on travel, boosting the travel industry in the region, according to 2019 report by Euromonitor International.
The report highlighted the megatrends that are shaping the future of travel in India. It said that the region continues to enjoy strong performances in both inbound and outbound travel.
Countries such as South Korea, Australia, and China are global frontrunners in digital connectivity, the report notes. Other countries such as Thailand, Malaysia, and Indonesia are also gathering pace, developing user-friendly online booking platforms and convenient online payment systems.
Travel becomes a hot sector in Asia, start-ups bet high on new trends in the industry to get ahead of their competitors.
Travel intermediaries like Expedia, Booking Holdings etc go throttle in expanding their businesses into Asia by engaging in business partnerships in the region.
Other online travel intermediaries such as Ctrip and Fliggy are today’s travel enablers in China, while traditional travel intermediaries in Japan and South Korea such as JTB and Hanatour are actively investing in their online channels to meet demand from their constantly-connected consumers.
The increase in travel spends by Asians is due to positive geopolitical developments and sporting events boosting the region’s attractiveness. As the next Summer Olympics, which is going to be held in Tokyo is around the corner, along with the next Winter Games in Beijing, there are high prospects of a rapid growth in travel spends this year.