A promising start to 2010 as Asia leads travel industry's recovery
Abacus International revealed today at an exclusive Abacus media roundtable that emerging markets and new business practices that surfaced during the economic downturn will underpin growth and set the underlying trends for the year ahead.
In the latest Abacus Asia Travel Sentiment Survey of around 200 leading travel agents across the region, 92.3% said that the changes they have adopted during the economic downturn have strengthened their business and put them in better shape for 2010.
Meanwhile, around 40% of the agents ranked the launch of promotional deals and packages as the second most important change. Allocating more resources to online channels tied with technology investments as the next most important changes with 30% of the travel agents saying that these investments have brought improvements to their businesses.
Despite the economic downturn, Abacus’ booking figures revealed that a number of markets had seen their travel bookings rise in 2009. Looking ahead, growth spurts from markets including Bangladesh, Cambodia, Indonesia, Kazakhstan, Myanmar, Nepal, Pakistan, the Philippines, South Korea and Vietnam are expected to continue.
In addition, travel agents surveyed in Abacus Asia Travel Sentiment Survey have listed South-east Asia (67%), Europe (63%) and U.S. (42%) as the top three regions that their customers are currently making bookings to.
Summarising the outlook for the industry in 2010, Abacus International President and CEO, Mr Robert Bailey said, “There is certainly a strong sense of renewed energy and vibrancy in the market as the new year starts. Many travel players are perhaps in much better form now than ever as the challenges that the economic storm had brought upon us have transformed our businesses to be more nimble, more innovative, and more relevant to the world as Asia plays a central role in the global travel market.”
For the full report, please click here to download.