Study: Amid Uncertainty, Tourism Is Flourishing
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Travel can at times be a terrifying prospect. However, according to a recent study, tourism is expected to rise in the future.
Despite ongoing uncertainty and terrorism that affects various parts of the globe, it seems far more likely that the industry will pivot to markets considered safe, which will in turn stoke the will to travel.
Euromonitor International, a company dedicated to market research, today unveiled its findings regarding global tourism.
According to its data, recent events have indeed seen some troubled markets take a hit in the form of reduced tourism in the area. However, this doesn’t mean people have completely discontinued travel. Quite the opposite seems to be the case.
Caroline Bremner, Head of Travel Research at Euromonitor International, states, “The substitution effect, where tour operators shift capacity away from troubled hotspots to more stable countries, is visible.”
According to the study, Egypt and Tunisia have seen a dramatic reduction in travel interest from those abroad. Via a press release, those two locations are, “suffering a negative growth of 25 percent and 5 percent respectively, as the travel industry and consumers shun trouble for the safer shores of Spain, Portugal and Croatia.”
And if you thought Brexit would lead to a cavalcade of tourists descending upon the fine island nation of the United Kingdom then Euromonitor International forecasts a hit in the form of 2.3 million less travelers from now until 2020.
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Bremner explains, “Destination branding and consumer desire to travel would be hit hard by the uncertainty Brexit provides in the short to mid-term.”
Overall, however, the industry should see a strong four percent uptick in growth, according to Bremner.
Other key findings are short-term rentals seeing a boon in interest from travelers as well as the beautiful country of Iceland, which has enjoyed a shade over 20 percent in growth from the period between 2010 and 2015.
As for Cuba and its renewed relationship with America, it welcomed a whopping 3.5 million tourists in 2015. We imagine that number will rise as relations continue to ease in the next few years.
So while the entire globe seems transfixed by terror and political uncertainty the intrepid traveler is still very much keen on using the passport. While the destination might change from years past the simple need to leave one’s home for a holiday remains a strong one.
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