The Third Wave of Tourism Is Coming from Asia
06 Dec | Author: Julia G | Category: TravelIn the near future Asian tourists will determine major travel trends. European and American eras of tourism have passed, and Asian period is coming.
This phase will see two-third’s of the world’s population, mainly in China and India, attaining a level of economic development where their populations will start to travel.
By 2015 there could be 9 million outbound tourists from India and 67 million from China.
Today, the stage is set for the Asian era of tourism.
Asia accounts for some 35-40% of the world’s GDP. China’s imports exceed those of the US, and combined financial reserves of China, Japan and the rest of Asia underpins the deficits of the West.
But the most important demographic trend is the rise of the Asian middle class, particularly in India and China, which account for almost 40% of the world’s population.
“In every society, it is the new middle class which provides the greatest impetus to domestic and outbound tourism, as the newly rich aspire to see the world around them,” said Mr Ho, Chairman of Banyan Tree Hotels & Resorts.
Defined as those earning around US$10,000 a year, the global middle class, now accounting for less than 8% of the world’s population, will reach around 1.2 billion by 2030.
And within a decade, China will displace Japan and be second only to the US, with a 20% share of the world’s richest people.
Source: stbpassport.com

