Euromonitor Travel and Hospitality Global Outlook and Innovation Guide

A 26-page report that aligns with other analysis that suggests international tourism has rebounded strongly in 2022, but much more so in markets that opened up their borders early on.  The story is for a far more sluggish recovery in parts of Asia. 

The twin economic challenges of rapidly rising inflation on protracted labour shortages are identified as key brakes on growth over the coming months.   

In the survey of business professionals conducted for the report it was found that 44% said their company was looking for growth through product innovation. 

A statistic that perhaps could be called into question that the report cites is that 44% of global consumers wear a virtual reality headset to explore travel destinations. 

The report notes that a growing number of travellers are selecting at least some elements of their trips that are deemed to be sustainable, with a claim that a growing number are willing to pay extra to demonstrate their green credentials.  Close to two-thirds of European consumers are said to be concerned about climate change, with a top priority being that travel supports local communities.   

Looking at Europe the report forecasts that in 2022 inbound spending will reach 73% of its 2019 level.  Further sections of the report focus on other global regions before a final section looking at the road ahead for travel which suggests that technological advances and a growing focus on sustainability will be key drivers.   

Link to Euromonitor Travel and Hospitality Global Outlook Guide