London: Travel firms which embrace sustainable tourism will be best placed to survive the global financial crisis, a report on the industry’s prospects said, noting China and India among growth areas.
Scope for new tourism development could be seen notably in emerging economic giants India and China, which are likely to remain a strategic priority as growth is predicted to be robust, albeit slowing, according to the World Travel Market’s Global Report 2008.
“The Middle East will also remain key, offering continued opportunities for both luxury and budget brands alike,” the report added.
Despite a broadly optimistic outlook for 2009, the report said some destinations such as Caribbean countries would have to start trying to attract visitors from beyond their traditional markets like the US.
Places like India, Brazil, China and Russia offer potential with their rising disposable incomes, it added.
Conscientious consumption should be the watchword for travel companies looking to prosper in the months and years ahead, the report said.
The study was published as thousands of people gathered for the World Travel Market, a 4 day travel industry gathering in east London being attended by over 100 tourism ministers from around the world.
The trends emerging across all regions were the desire for social and environmental responsibility, social interaction, authentic travel experiences and fair trade practices, the report found.
During the downturn, travel and tourism companies that adapt and integrate such business practices into their product and service offer will be best placed for survival, it said.