Growth figures on travel outlook revealed at ITB Asia
Asia Pacific has become the world’s biggest travel market and is expected to reach $351.9 billion this year, according to industry researchers PhoCusWright. These latest figures were released at the sixth edition of ITB Asia, taking place in Singapore up to October 25.
Backed by the emergence of economic powerhouses, especially China, India and Southeast Asia, the study says that the region has confirmed itself as one of the driving forces in world travel, setting another all-time record.
The Asia Pacific travel market ousted Europe to become the world’s biggest regional travel market in 2012, earning gross bookings of $326.2 billion. That figure is expected to grow another 8% in 2013.
The positive growth numbers on the travel market were reflected at ITB Asia, which reported a showing of 825 exhibiting companies from 73 countries. The show sold out four months ahead, with many exhibitors increasing their presence.
Nations represented among 50 international pavilions includes first-time exhibitors Greece and Russia. This year also saw the biggest-ever representation from the United States taking up an increase of 90% of booth space. Exhibitors from Europe also took up 20% more space this year.
China Travel Blog
[photo courtesy Royal Caribbean International]