Middle class holds the key to Asia travel growth
The explosion of the wealthy middle class in Asia is creating unique opportunities for the industry but the growth potential risks being hampered by greedy governments, according to the president of the World Travel and Tourism Council (WTTC).
David Scowsill, speaking at the opening of the WTTC Asia Summit in Seoul, said travel globally is continuing to outstrip the wider economy with 3% growth forecast this year and 4% each year for the next decade.
But it is in Asia Pacific where the pace of growth is fastest and provides the industry’s greatest prospects.
“Our forecasts show that over the next 10 years travel and tourism in Asia will expand by over 6% year on year, faster than any other region of the world,” Scowsill said.
That is being driven by the rise of the Asian middle class, he said, particularly in China.
He described the growth as “phenomenal”.
“The United Nations describes it as a historic shift, the likes of which has not been seen for 150 years. Asia’s middle class is forecast to triple to 1.7 billion by 2020,” Scowsill told delegates. “By 2023, China will overtake the US as the world’s largest travel and tourism economy. This is a colossal shift for the industry, a huge sea change in consumer demand and one that will transform the way we do business.”
The words will resonate with Tourism Australia which has deliberately targeted the middle classes in China.
But Scowsill warned that barriers to growth remain, with visas and taxation among the issues that need to be addressed.
“Asia’s new middle classes have the right to travel safely, securely and efficiently but still too many people find it too difficult to cross borders as international tourists,” he said. “Too many governments still view travellers as a soft target for taxation. Taxing the tourist does not lead to positive economic growth. In fact, it leads to the opposite.”
Scowsill vowed that the WTTC will continue to lobby on such matters.
The Summit heard that by 2023, travel and tourism is forecast to contribute US$10.5 trillion, or 10% of global GDP, and generate one in every 10 jobs.
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