Number of households travelling overseas to hit 282 million by 2025: Report
AFP photoRoughly 282 million households will plan at least one international trip per year by 2025, a 35 percent increase from 2015, according to a report released by Visa Inc. on Dec. 13.
The report has forecasted a significant increase in international travel levels by households globally over the next decade. It also predicted that Turkish citizens’ spending will increase sharply in international travels.
The study looked at current travel patterns of Visa-branded cardholders across the globe, combined with industry estimates and travel forecasts. Among the households most likely to travel internationally, Visa’s study estimated that spending will reach an average of $5,305 per household, per year, by 2025. The study also identified key drivers expected to impact global travel over the next decade, including a growing middle class globally, greater internet connectivity, improved transportation infrastructures across many countries and an aging global population with more time for leisure travel.
“Traveling internationally will become more common and attainable in the future thanks to changing demographics, combined with technology advances that will make traveling abroad easier and less expensive,” said Wayne Best, the chief economist of Visa Inc.
“What will emerge is an expanding ‘traveling class’ that will spend a growing portion of their household income on transnational travels. Tomorrow’s traveling class will likely be older and hail from emerging markets – looking very different from today’s typical international traveler.”
The study, which was conducted with Oxford Economics, analyzed projected spending by country and region. As of 2025, China will rank first among the top 10 countries with the highest number of international travel spending, according to the study. Chinese households, which spent $137 billion in 2015, are expected to spend about $255 billion over the next decade, increasing their spending by 86 percent. In the United States, the second on the list, will be 33 percent in 10 years’ time, and the third, Germany, is projected to increase its international travel spending by 31 percent.
The research showed that international travel expenditures of Turks are estimated to increase by $3 billion over the next decade and reach $7 billion.