Total Value for Travel Intermediaries in the UK Reached USD 34.3 Billion in 2011, Claims Timetric28 Feb 2013 • by Natalie Aster
According to the World Economic Forum Travel and Tourism Competitiveness Index 2011, the UK ranked seventh among 139 countries. In terms of cultural resources, it is viewed as the third-most exciting country. London was already one of the most popular tourist destinations in the world and that popularity increased after the city hosted the London 2012 Olympic and Paralympic Games. It is also home to many teams in the FA Premier League, the Ashes series and Wimbledon. The UK’s travel and tourism industry comprised 7% of the nation’s GDP in 2011, and represented 10.6% of the country’s total employment in the same year. In a global economy that is dominated by multi-national businesses, tourism is one of the few industries that can easily accommodate start-up businesses, allowing people to take that vital first rung on the ladder to entrepreneurial success.
Inbound tourism in the UK recovered in 2011, following a slump due to the adverse impact of the global financial crisis. A total of 30.5 million international visitors arrived in UK in 2011 as compared to 29.8 million in 2010. London remains an attractive and popular destination with a range of enviable tourism assets, a rich history of tradition, heritage and culture coupled with modern design, music, theatre and architecture. Western European markets continue to offer positive growth potential for the UK’s inbound visitor economy. Inbound tourism, measured by the number of international tourist arrivals, is expected to grow at a CAGR of 3.1% over the forecast period, following a 1.8% decline during the review period.
According to the report “The Future of Travel and Tourism in the UK to 2016” by Timetric, the recession adversely affected the UK’s travel and tourism sector, as low levels of consumer confidence left nationals reluctant to spend on holidays. The height of the recession led to a decline in outbound travel, but a return to growth in domestic travel. Outbound tourism in the UK declined during the review period. Departures to Asia-Pacific, Europe and North America declined by respective CAGRs of 5.2%, 5.3% and 3% during the same period. National tourism expenditure on international trips declined by a CAGR of 1.86% during the review period, while expenditure on domestic trips recorded an increase.
The Future of Travel and Tourism in the UK to 2016
Published: October, 2012
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Air travel in the UK revived in 2011, following a continuous decline during the review period. It has been adversely affected by the ongoing European debt crisis. Competition from other modes of transport seems to have affected domestic traffic, particularly as a result of changes in airport security increasing the total journey time for air travel and improvements to long distance rail services. Air passenger traffic is expected to grow at a CAGR of 3.27% over the forecast period.
The total value for travel intermediaries in the UK grew from GBP21.1 billion (US$32.6 billion) in 2010 to GBP21.4 billion (US$34.3 billion) in 2011. The Internet is widely used as a means to deliver real-time content and has created the conditions for the emergence of a range of new tourism intermediaries.
More information can be found in the report “The Future of Travel and Tourism in the UK to 2016” by Timetric.
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