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Visa hopes tourism will increase 35% globally by 2025 - Daily News Egypt

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Visa hopes tourism will increase 35% globally by 2025

Study estimates families travelling internationally to surpass 280 million, spend on average $5,300 by 2025


Visa Inc. released the results of its new study that forecasts a significant increase in international travel by households worldwide over the next decade. The study estimates that roughly 282 million households deemed “most likely to travel” will plan at least one international trip a year by 2025, up nearly 35% from 2015.

The study looked at current travel information of Visa owners across the globe, combined with industry estimates and forecasts for travel. Visa estimated that spending will reach an average of $5,305 per household annually by 2025. The study also identified key drivers expected to impact global travel over the next decade, including a growing middle class (households with more than $20,000 in annual income), greater internet connectivity, improved transportation infrastructure, and a larger aging population with more time for leisure travel.

“Travelling internationally will become more common and attainable in the future, thanks to changing demographics, combined with technology advances that make travelling abroad easier and less expensive,” said Wayne Best, chief economist at Visa Inc. “What will emerge is an expanding ‘travelling class’ that will spend a growing portion of their household income on cross-border travel.”

The study, which was conducted in cooperation with Oxford Economics, revealed that by 2025, there will be 144 mobile phones for every 100 Egyptians, and 84 Egyptians connected to the Internet per 100 citizens. This made Egypt rank 25th on the list of countries that are developing in connection rates and its impact on travel destinations.

In terms of the impact of the middle class on the increase of outbound trips, Egypt ranked 41st, while it ranked 48th in the number of trips to be made by Egyptians who are older than 65 years in 2025. The study showed that the number of tourist trips to be undertaken by this age group will increase by 6.5% by 2025.

The study found that the combined forces of globalisation and technology are expanding access [to information and communication]. The 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. Digital connectivity is not only fostering greater ease in travel, but also spurring a broader array of personalised travel and tourism options.

Last year in March, the former minister of tourism unveiled a 2020 vision for the industry, in which the government attempts to attract 20 million visitors and $1 billion of investment over five years. However, Egypt has struggled with just 420,000 to 450,000 tourists since October 2015, when a Russian aeroplane crashed in Sinai.

 

https://ww.dailynewssegypt.com/2016/08/16/visa-hopes-tourism-will-increase-35-globally-2025/
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