Households traveling internationally to surpass 280 million by 2025 : Visa
TravelBizNews Desk —
San Francisco : Visa Inc.estimates that roughly 282 million households will plan at least one international trip per year by 2025, up nearly 35 percent from 2015 , according to a new stdy released recently.
Among those households most likely to travel internationally, Visa’s study estimates that spending will reach an average of $5,3051 per household, per year, by 2025.
The study also identified key drivers expected to impact global travel over the next decade, including a growing middle class globally, greater Internet connectivity, improved transportation infrastructure across many countries, and an aging global population with more time for leisure travel.
The study, which was conducted with Oxford Economics, analyzed projected spend by country and region. The chart below shows the top 10 countries based on estimated spend on global travel in 2025.
The study uncovered that worldwide, households that make at least $20,000 per year account for more than 90 percent of spending on international travel today. By 2025 it is estimated that nearly half of all global households (945 million) will be within this income range, spurring greater international travel and spending, particularly by households from emerging markets such as China, Russia, and Brazil.
By 2025, travelers aged 65+ will more than double their international travel to an estimated 180 million trips, accounting for one-in-eight international trips globally. The study estimates that older travelers will be able to afford longer trips that provide greater comfort at higher prices. Trends such as “medical tourism,” whereby aging populations undertake international travel for medical purposes, will also take hold in the future.
Construction of more than 340 new airports is expected over the next decade, creating new routes and destinations that will make international travel easier and more convenient. At the same time, awareness of travel options is spreading with the rapid uptake in Internet access and the number of mobile devices around the world. Digital connectivity is not only fostering greater spontaneity in travel, but also spurring a broader array of personalized travel and tourism options as well according to Visa.
In the next decade, the amount of globe-trotting done by Russian tourists will more than double, although it will still be Chinese tourists that spend the most- $255.4 billion a year by 2025.
July, 2016
