62 | TRADE NEWS
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Travel & Tourism to Become $1 Trillion Market by End of 2023
THE World Travel & Tourism Council’s (WTTC) Travel & Tourism Economic Impact 2023 Global Trends Report has revealled an encouraging resurgence in Travel & Tourism investment, overcoming pandemic setbacks and signalling a strong return to growth. From 2010 to 2019, investment grew steadily at 4.3% CAGR, growing from $754.6BN in 2010 to $1.1TN in 2019, or 4.5% of all economy-wide investment. COVID-19 hit hard, leading to a 24% decline in 2020 and a further 8% in 2021. However, 2022 marked a turning point. Spurred by the global phenomenon of pent-up demand, Travel & Tourism investment surged to $856BN, up 11.1% from the previous year. Although this was 22.5% short of 2019 levels, this was still 53% higher in 2022, than it was in 2000. In regions like Asia-Pacific and Africa, 2022 investment was 161% higher than in 2000, while Europe and the Middle East have shown more restrained growth. In these regions, the pandemic has undone much of the significant growth achieved in the last two decades. Nevertheless,
Travel & Tourism
investment in these regions in 2022 stayed above the levels seen in 2000. The US leads the top ten markets in terms
of absolute investment in the sector in 2022 with $213BN, showing a sector ready to thrive once again. China trails with a
September/October 2023
$146BN investment in 2022, with Saudi Arabia rounding out the top three with total investment of $42BN in the same year. Island destinations lead the top spots
for Travel & Tourism investment as a total percentage share of their economies in 2022. The US Virgin Islands lead the way channelling 35% of total economic investment into Travel & Tourism, followed closely by Antigua & Barbuda at 34% and Aruba at almost 32%.
Private investment in new aircraft, hotels,
and car fleets is essential for boosting the sector’s capacity. Public investment complements this growth, and together the combined investments create a powerful synergy.
The ripple effect is more jobs, bigger economies, and stronger communities. Julia Simpson, WTTC President & CEO,
said:
“Investment in Travel & Tourism is not just a numbers game; it is the heartbeat of global connectivity and economic revival. Despite the setbacks from the pandemic, 2022’s growth is a promising sign of what’s to come.
“Investment in Travel & Tourism is integral to the world’s recovery and growth. The sector’s resilience and potential for innovation continues to drive us forward. We remain confident, yet vigilant, in our pursuit of a brighter, more connected global future.”
Local Travel Agency Show Importance of Industry to Local MP
Hasting Hotels Commercial Director Announces Retirement
THE Commercial Director of Hastings Hotels, Aileen Martin, has announced her retirement after 30 years at the helm of the group’s sales and commercial operations. The company has appointed Eoin McGrath, who has worked at Northern Ireland’s leading collection of hotels since 2016, as the new Sales & Revenue Director. He will be responsible for leading the Sales, Revenue and Reservation teams and will join the Board of Directors.
Hastings Hotels was founded by Aileen’s
father, the late Sir William Hastings, and she joined the family business in 1993 as Sales Executive. Before this she held a number of commercial roles for an international distillers and vintners and a mobile communications company.
Over the last three decades Aileen has held the positions of Sales Director and Commercial Director and played a key role in the strategic direction and growth of the group which has six luxurious properties across the province including the five- star Culloden Estate & Spa and the Grand
Central Hotel.
Emirates Host NI Travel Trade at Horizon Irish Open 2023
ON Friday 07 September, NI Travel News’ Jonathan Adair attended the Horizon Irish Open 2023, hosted by Emirates.
The Horizon Irish Open 2023 took place at K Club, Straffan, Co. Kildare, Ireland. Attending alongside other members of the Northern Irish Travel Trade, the group got to witness golfing greats test their skills at this major DP World Tour tournament.
All before enjoying some warm hospitality overlooking the 18th green with a spot of lunch and refreshments.
MSC Welcomes New Regional Sales Manager
MSC Cruises UK & Ireland has successfully recruited Daniel Short as the new Regional Sales Manager for the Southwest and South Wales region. Dan initiated his career at TUI in the Southwest and later ventured into other sectors,
gaining valuable experience
in Account Management and Training roles.
Commenting on this appointment, Steve Williams, Director of Sales at MSC Cruises UK & Ireland, “I am confident that Dan will significantly contribute to our team. His
background in travel and account
management will be of immense value as we continue our unwavering support for our partners and expand our distribution network across the Southwest and South Wales region.
“With 2024 on the horizon, our forward business bookings have never been stronger. Having five seasons now available for sale, a first for MSC Cruises, it is crucial to establish
a robust on-ground presence to assist our partners in maximising and fostering their cruise business with us.” Alyshia
Bartlett, Head of Retail,
Homeworkers & Tour Operations at MSC Cruises UK & Ireland, added, “Dan’s presence will undoubtedly benefit both MSC Cruises and, more importantly, our esteemed travel agent partners. His arrival coincides with an exciting juncture, as our brand-new flagship, MSC Euribia, is set to dock in Southampton this October, commencing a winter season of UK sailings.”
Expressing his enthusiasm about his new role, Dan said, “I am thrilled to be returning to the travel industry, working for an incredible family company like MSC Cruises, known for their steadfast commitment to the trade. I am eager to contribute to the growth of the business and build relationships with our agent partners. I look forward to meeting them all over the coming weeks and months.”
NI Agents Celebrate Big as Easyjet Holidays’ Big Orange Party Kick Started
IN celebration of the support easyjet Holidays have received from the travel trade since launching, the holiday operator hosted it’s inaugural large scale trade event. 8 NI agents and NI Travel News’ Christine attended the event in Warwickshire on 8th September for a whirlwind of 24 hours! ‘The BOP’
is 24 hours to celebrate the
shared success of easyjet Holidays with key agent partners, in true #TeamOrange style The day consisted of networking with agents and suppliers, learning all about whats new at easyjet Holidays and celebrating the continued support and work of the trade.
AS part of the Advantage Travel Partnership MP engagement programme, Damian and Terry Murphy, Directors of Terra Travel Ltd, met with Carla Lockhart MP.
The meeting was set up to reinforce the importance of outbound travel to the wider economy. Damian Murphy, who is also chair of ANITA Commented, “We had a very frank and productive meeting with Carla Lockhart MP going through Some of the challenges currently faced by our industry. We talked her through the problems we All face during the pandemic once again voicing our concern at the almost total lack of interest Shown to our sector by government. He continued, “We were able to explain that even though the industry has Bounced back well and this year has been a busy one- most companies now carry a level of debt Never experienced before. We were able to talk about looming challenges such as high interest rates And the current state of the economy. From a Northern Ireland point of view I reminded Carla Of the poor treatment we experienced during covid and our hope to make our voice better Heard going forward. I have to say Carla was one of our supporters during Covid and has promised To be an ear for
us going forward”.
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