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Asia to generate 33% of global travel spending by 2020
Times News Service
March 11, 2013 , 7 : 03 pm
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The survey identifies the trends set to shape the next 10 years of travel as well as the new categories of traveller that are emerging. Photo — Bloomberg file picture
Asian travellers will account for one third of the world's travel spend by 2020, according to a survey report released yesterday. It also identifies the trends set to shape the next ten years of travel as well as the new categories of traveller that are emerging.
The report, prepared by IHG in collaboration with the Futures Company, also cites the likely increase in city breaks to as yet 'unknown' cities that few people have yet heard of, or cities that haven't even been built. Some 400 largely unknown mid-size cities in emerging markets – predominantly China and India – will generate 40 per cent of global economic growth over the next decade and beyond.
"This report shows how the world of travel is constantly evolving and identifies the trends that are set to influence the industry over the next ten years, said IHG Chief Executive Richard Solomons.
"IHG is well-placed in the world's developing markets. As new destinations and groups of traveller emerge we will ensure we are meeting the changing needs of those at the heart of our business – our guests."
"The Middle East gives us great scope to expand the IHG footprint across our brands. The region understands luxury well and this is reflected in our portfolio mix, where one third of our hotels are InterContinental hotels," added Jan Smits, IHG Chief Executive Asia, Middle East and Africa.
"We are confident of our long term growth with the addition of 26 hotels (6,630 rooms) that are in our development pipeline. This represents a 40 per cent growth and points to the headroom we're still seeing in this market. We've been in the Middle East for over 50 years and we intend to continue growing our brands and people in this region well into the future."
Nearly 50 per cent of the hotels IHG plans to develop in the future now come from emerging markets such as Greater China. IHG has more than 50,000 rooms under development in this region– more than any competitor.
In the Middle East, IHG's hotel development pipeline includes city locations like Jeddah and Riyadh in Saudi Arabia, Ras Al Khaimah in the UAE, Kuwait, and Bahrain, amongst others.
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