“With travel becoming a popular lifestyle choice among the growing middle and upper classes region-wide, APAC travel gross bookings will register high growth every year from 2017 to 2021.” That’s just one of the findings in Phocuswright’s 10th edition of Asia Pacific Online Travel Overview.
APAC’s 2017 aggregate gross bookings (US$386.4 billion) make it “the world’s biggest regional travel market.” The report notes that in terms of online travel booking, APAC’s double-digit increase last year has it “quickly catching up with the US and Europe” with predicted growth “upward of 10% each year through 2021” when APAC gross bookings are expected to be 48% of the worldwide travel market.
The Airlines Reporting Corporation’s 2018 Air Travel Outlook Report, developed in partnership with Expedia, finds “the biggest driver of demand in the airline industry will be the Asia-Pacific region. The region will be the source of more than half of new passengers worldwide over the next two decades.” The report predicts that China will move into the top spot for largest aviation market in the early 2020’s.
In this series of blog posts we’ll be exploring the travel market across the APAC region in more detail – focusing on key trends including the dominance of mobile and performance of individual markets. Stay tuned for more…