Outbound travellers from emerging Asia-Pacific markets currently outnumber those from developed Asia-Pacific market by 1.5 times, and this figure is poised to grow more than twice as fast over the next five years (7.6 per cent vs. 3.3 per cent CAGR), according to the Future of Outbound Travel in Asia Pacific (2016 to 2021) report by Mastercard.
As a region, Asia-Pacific markets are expected to grow by six per cent annually from 2016 to 2021. Emerging Asia-Pacific countries are China, India, Malaysia, Thailand, Indonesia, the Philippines, Vietnam, Bangladesh, Myanmar and Sri Lanka, while developed Asia-Pacific countries refer to Japan, South Korea, Taiwan, Hong Kong, Singapore, Australia and New Zealand.
The largest outbound travel market in 2021 is expected to be China followed by South Korea and India that are ranked in second and third places respectively.
Myanmar is projected to be the fastest-growing outbound travel market with a 10.6 per cent annual growth rate over the next five years, followed by Vietnam (9.5 per cent), Indonesia (8.6 per cent), China (8.5 per cent) and India (8.2 per cent). Among developed Asia-Pacific markets, the fastest growing are South Korea (3.8 per cent), followed by Singapore (3.5 per cent), Australia (3.5 per cent) and New Zealand (3.4 per cent).
Eric Schneider, senior vice president, Asia-Pacific, Mastercard Advisors, commented: “The burgeoning middle class is driving the growth of outbound travel in Asia-Pacific, along with other trends such as the emergence of the Asian millennial traveller and senior traveller, as well as new technology and infrastructure developments.”
Source: http://ttgasia.com/, 26 January 2017
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