Today, the travel industry is booming and people are finding it easier to travel to their exotic destination. While the industry is in its prime, experts are predicting that growth will continue into the future. Let us look at the travel industry in three parts: US business travel, tourism travel and online travel.
US business travel
The US business travel industry has been experiencing stable growth rate and will continue to show positive signs of increase for the rest of 2016 and beyond. The Global Business Travel Association (GBTS) reports "US business travel will continue to grow at stable and steady rates over the next two years despite significant headwinds from Asia Pacific, Latin America and the Middle East".
GBTA went on to explain that the US business inflation rates plummeted because of the strength of the dollar and sliding oil prices. The association reported that in 2015, oil price fell to its lowest prices since the Great Depression. However, they are predicting that 2016 will see oil prices returning to normalcy, which is about 2.6 percent. In 2017, prices are expected to be at 3.0 percent.
As for international business travels, the industry have, faced challenging times in this area and yet has withered the storms over the years. So far, regions preferred as the best places to travel by travelers in 2015 were Western Europe and North America while other places such as Latin America, Asia Pacific and the Middle East had to settle for second best.
The tourism industry is growing in most parts of the world. Cyprus in 2015 recorded a high in visitors visiting the country. The nation reported that 2.7 million visiting tourists arrived in the country in 2015, which is a record-breaking number.
Indonesia tourist industry is opening wider and the nation is welcoming more visitors to their shores. To make their tourism sector more attractive to visitors, the government is allowing foreigners to own certain businesses in the country. Such businesses include restaurants, bars, cafes, sport centers and so on.
The US tourism industry is also peaking. Although the industry is increasing nationwide, Nashville is the leading tourist destination for visitors to the country. In late December 2015, the New Year Eve's celebration alone drew a whopping crowd of 150,000 people and an estimated 24,500 hotel rooms were sold out.
The online travel industry is booming and getting bigger every day. In 2015, online travel reached a whopping figure of $39 billion. "It's very easy for them to use the online travel agencies to compare prices, feature and services and then picks the ones that suits them best," says Gian Fulgoni, who is the co-founder of a US based internet analytics company known as ComScore.
So far, about 180 million people are regularly visiting online travel sites each month and the industry has registered an increase of 27 percent. Rental cars, air bookings and hotels all brought in $35.1 trillion resulting in 11 percent increase to that of the previous year. Fulgoni went on to add, "the internet has put pricing power in the hands of the consumers."
In the coming years, experts are predicting that the travel industry will keep booming at a rapid pace and will even outdo other industries. As gas price continue to tumble, airfare is expected to become cheaper and travelers will travel more often.