Shaping the future of travel in Asia Pacific
We live in what experts call the ‘Asian Century’. Asia Pacific is now regaining the leading position on the global stage that it last held before the Industrial Revolution. If the current growth track continues, by 2050, Asia’s per capita income could rise 600% in purchasing power parity (PPP) matching Europe and other Western markets. Over the next two decades, perhaps some three billion Asians will enter the ranks of the global middle-class, joining what we term the ‘consuming class’ with enormous implications for the global economy.
But it’s more than pure economic growth that will drive Asia forward at breakneck speed. Geopolitical, social and technological changes will also have a fundamental effect on the region in the future.
Geopolitical and social forces are shaping new trade and business practices that differ from the often centrally-planned and protected economies that exist in much of the region. Trends such as the greater empowerment of women, the ageing of populations and the drift towards individualism are having a significant effect on entrenched attitudes and behaviours. Moreover, opportunities created by technology and infrastructure developments are profoundly affecting the way that people travel and how they interact with each other, with positive outcomes for the travel industry.
This report analyses the geopolitical, social, economic and technological trends that will have the greatest impact on the travel industry in Asia Pacific over the next 20 years. Primarily, we have sought to understand the implications of changing traveller behaviour on the travel industry – comprising transportation companies (airlines, rail operators and the like), accommodation and entertainment providers and intermediaries such as travel agents. What we found were “The Big Four Effects” that we believe will help to shape the future of the travel industry. The report covers seven key markets, Australia, China, India, Indonesia, Japan, Korea and Singapore.
Of course, these different effects and the various statistics will be of varying relevance to different elements of the industry and even region – and I would encourage any interested party to review and draw their own conclusions.
The point this research and white paper undeniably highlight, however, are the opportunities that Asia Pacific now has to regain the leading position on the global stage that reaches well beyond travel, but which it is inextricably linked to.