¨While tourism is often resource-intensive, it is a major driver of poverty reduction in developing countries.¨
Third World and Chinese Travelers
The future of growth in the travel industry lies in the third world and Chinese travelers. Fifty-Plus Nomads will increasingly notice more and more Third World (Emerging Countries) and Chinese travelers.
For example, between the early 2000s and 2014, the percentage of foreign travelers (excluding Canada and Mexico) to the US from Emerging Countries increased from one-third to over one-half of all visitors.
How are Third World and Chinese Travelers Changing the Travel Industry?
Travelers from the Third World (Emerging Countries) and China are also changing the travel industry, and they spend more, on average, per purchase than tourists from the developed world. The power of Emerging Country customers is particularly notable at retail, high-end stores featuring well-established luxury brands.
The airline market in the Emerging World is growing by leaps and bounds. Growth in air traffic in the Asia-Pacific region and Africa is three times that of the US. Plus, the top 10 fastest growing airports in the world are all in Emerging Countries. (Note: I am amazed at the high quality of Asian airports vs. the poor state of many US and European airports).
Leading hotels and cruise lines focus much of their new investment on Emerging Countries. To capture this market, hotels are adding new innovative and model technologies familiar to Asian tourists.
In addition, cruises are now marketed more and more to Emerging Countries’ markets. The potential for growth in these markets is incredible. Only a tiny percentage of Asians, Africans, and Latin Americans have been on a cruise. Emerging economies also add millions of people every year with enough disposable income to take a cruise. (Cruise companies, in response, offer more cruises in Emerging Countries that feature cuisines from that local area).
Third World and Chinese travelers are also exploring more within their own countries. Between 2008 and 2013, Mexico saw a decrease in travelers from the US. However, the tourist industry survived because of a significant increase in Mexican tourists within their own country. (The number of travelers from Europe to Mexico also increased during the period).
Want to Know More About Chinese Travelers?
Here is some information about Chinese travelers.
Travel Economics 101 Posts
Here are several posts designed to give Fifty-Plus Nomads a basic idea of how Travel Economics works. Being armed with a better economics education should make you a better travel consumer. (You can read the posts in any order) .