In 2017, travel and tourism continues to outpace the global economy, showing the enthusiasm of people to travel more and discover much more new places as before, despite economic and political challenges across the world.
According to Euromonitor stats, travel industry outperforms the global economy with arrivals set to grow by 3.7% and inbound receipts at a stronger rate of 4.1% over 2017, compared to world GDP at 3.5%.
The outlook
Value growth for end of 2017 is expected to stay as predicted to be strong at 4.1%, decelerating to 3.1% in 2018. Another predictions for travel & tourism declares forecasts over the next ten years also look extremely favourable with predicted growth rates of 3.9% annually.
By 2022, China is expected to be the world’s largest source of outbound tourism demand, with 128 million trips, overtaking the US as the country with the highest propensity for travel abroad.
Digital travel sales worldwide from 2014 to 2020 (in billion U.S. dollars)
Above figure indicates the health of the global travel industry will rise especially on the online sector. In 2016, global online travel sales totaled 564.87 billion U.S. dollars. This figure is projected to grow to 755.94 billion U.S. dollars in 2019. where traditional components continue to deliver solid CAGR growth of over 3.3%, with airlines and lodging accounting for USD1.2 trillion worth of sales. But, tax-free shopping, both grounded and online, is growing with very little progress.
Tax-free shopping has become an indivisible part of every modern nomad’s on-the-road life. But at the same time, it is stuck in the previous century. We believe that the non-regulatory environment of tax-free market should produce natural drivers of disruptive innovation. By implementing a blockchain technology solution we will be able to push the boundaries of traditional tax-free market as never imagined.
Take a look to the short blogpost here on Steemit and learn how new modern digital solutions for duty-free markets can change the game: Dutyfree, airline industry and blockchain closer together
Visit our page DutyCoin.org for more information about upcoming blockchain solutions and follow @dutycoin on Twitter