According to the Asian American Hotel Owners Association (AAHOA), global travel growth will increase by 5.4 percent per year for the next decade. That means travel will likely outpace worldwide gross domestic product. The findings come from the association's report, "“Shaping the Future of Travel: Macro Trends Driving Industry Growth over the Next Decade."
A large portion of the growth is expected to spring from China, where increasing prosperity will allow millions of people to travel for the first time. In addition, the Brazilian, Russian, Indian, Turkish and Indonesia travel markets seem set to increase noticeably, according to AAHOA.
International hotel stays have increased faster than domestic reservations, suggesting that most of the surge will be international business travel or tourist trips. The expected increase should prove a sustained benefit for the hotel business worldwide, with increasing demand for accommodations fueling the already booming market for hotel construction and expansion.
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