TripAdvisor has announced the results of the Sizi

first_imgTripAdvisor has announced the results of the “Sizing the Worldwide Travel Economy” study, conducted by Oxford Economics in partnership with TripAdvisor, to examine the size of the global travel economy and TripAdvisor’s contributions to it. The study found that the travel industry reached more than US$5.29 trillion in spending in 2017, with international tourism spend growing for the last eight consecutive years. It also found that TripAdvisor has a ‘massive’ influence on the global travel economy with an estimated 10.3% of Global Travel Spend (US$546 Billion) influenced by the TripAdvisor in 2017, up from 7% (US$268 Billion) in 2007.“We launched this study, not only because we wanted to better understand the true size and scope of the global travel economy, but also to better understand TripAdvisor’s scale and impact on tourism,” said Charlie Ballard, TripAdvisor’s director of strategic insights. “The travel category is indeed enormous and outpacing other consumer spending worldwide, and TripAdvisor not only inspires travel, but also causes more travel – in particular by encouraging travellers to take longer trips by showing them how much more there is to see and do.”By comparing world economic growth data with TripAdvisor’s own trends, the study was also able to show that TripAdvisor had an enormous estimated influence of US$546 billion in 2017 alone and influenced spending worth US$11.7 billion in Australia alone. Globally, the popular travel site influenced more than 433 million trips last year, with 4.6 million of those in Australia. Other Key Industry Trends Revealed:Tourism growth has outpaced global GDP growthRoughly half of all international trips are to European destinations, while destinations in the Asia-Pacific region are taking a greater share of travelInternational travel is expected to become more important as household wealth continues to rise in large emerging markets, with a greater proportion of households able to afford international travelNearly 1 in 10 employees globally is supported by tourism activityFor access to the full Oxford Economic study, CLICK HERE Global Travel IndustryOxford EconomicsstudyTripAdvisorlast_img

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