In the next decade, it will still be Chinese tourists that spend the most- $255.4 billion a year by 2025- according to a study by payment processing company Visa. This is all due to a new “travelling class” that is being created thanks to increasing global incomes, said Visa, in the study released Thursday.
Among those households most likely to travel internationally, Visa’s study estimates that spending will reach an average of $5,305 per household, per year, by 2025, which includes average spending such as food and hotel, but not the airline ticket.
In today’s tourism sector, households that make at least $20,000 per year account for more than 90 per cent of spending on international travel. It’s estimated that by 2025, 945 million homes will earn at least $20,000, increasing even more international travel and spending – especially from households in China, Russia and Brazil. Traveling by the latter will increase by 106 per cent and as tourists they will spend almost $38 billion annually by 2025.
Roughly 282 million households will plan at least one international trip per year by 2025, up nearly 35 per cent from 2015, according to the study. The US traveller will increase their travel by 33 per cent to $134 billion in 2025 – and the UK tourist will increase their travelling by 58 per cent.
In the next decade, travellers aged 65 and over will more than double their international travel to an estimated 180 million trips, accounting for one-in-eight international trips globally.
Along with the aging global population with more time to travel, and the growing middle class – greater Internet connectivity and improved transport infrastructure that includes 340 new airports expected over the next decade will all impact global travel over the next decade, according to Visa.
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Article: Asia One