This month’s Market Review looks at travel tourism; a market where the top 20 world economies contribute some 4.6 billion tourist trips. Source: Mintel Global Market Sizes Flying High? Policy Makers Favorite Tourism is an area which many governments regard as a key way to develop an economy or pull it out of the doldrums. Indeed, Mintel’s Travel and Tourism series examines this aspect as part of its global coverage of the sector. A major benefit is that this is a relatively labor intensive industry and can provide a major stimulus to growth, with an added bonus of increasing foreign earnings. However, by contrast to many sectors reviewed in the Barometer, there is more susceptibility to events outside the country. The economic downturn in outbound countries and various terrorist incidents are testimony to this. Stimulating Events As the real cost of travel has the made the world get smaller, then global events staged in a country have increasingly had some impact. However, this can be overplayed. Brazil has been the best performing of the countries reviewed; and yet it still has the World Cup and Olympics to come. By contrast, the staging of the World Cup in 2010 did not do enough to lift South Africa out of its last place for the past five year performance. Staycation The main reason for this is that domestic trips are the mainstay in most markets. This was certainly the case in Brazil; but in India and Japan tourism is particularly reliant on its residents. These two countries illustrate that tourism is not just related to the level of development. Cultural influences are important; much of Indian domestic tourism is taken by pilgrims visiting their favorite religious sites. Furthermore, as global affluence and urbanization grows and the population becomes more dispersed, so there are more opportunities for the tourism industry. In terms of numbers of trips the size of the country, both geographically and demographically, is becoming a key factor. So although the US still provides the largest market; India and China are now the second and third largest. Getting Started with Mintel GMN Take a look at the New Reports section to see the latest GMN reports that have been published! If you’re new to Global Market Navigator, or need a refresher take a look at the ‘Help’ pages. There’s a short webinar taking you through the key features and a quick reference guide. Alternatively, we can arrange a group web training session. To book this simply contact your account director or email firstname.lastname@example.org You might also be interested in: No related posts.