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Monday, 2 April 2012
Travel and tourism
John D. Rockefeller once declared, "If you want to succeed, you should strike out on new paths, rather than travel the worn paths of accepted success." Given the flagging rate of economic recovery, perhaps Americans have taken his advice to heart--literally.
A plethora of industry reports indicates that travel and tourism are back, and, by the end of 2011, will be better than ever. Revenue is expected to reach nearly $1.4 trillion, a record, says Toon van Beeck, senior analyst at research firm IBISWorld. This means the opportunity in the sector will be "the biggest it has ever been."
No kidding. Just consider this set of glowing forecasts for 2011: International trips will jump 5.5 percent, to 94.7 million; domestic trips will rise 1.2 percent, to 627.4 million; hotel revenues will go up by 4.4 percent, to $114.8 billion; travel agencies will bring in 3.3 percent more revenue, making the total $12 billion; tour operator revenue will grow 5 percent, to $3.7 billion; and even the RV parks and campgrounds industry will experience a 1.5 percent revenue increase, to $4.5 billion.
That's only part of it. As the industry increasingly shifts online, opportunities are emerging. The app market, for instance, has swelled from virtually nothing to billions of dollars in just a few years, and smartphone owners are loving their access to a gaggle of Wi-Fi finders, flight status updaters, local restaurant finders, budget booking assistants, translators and more. Websites offering unique travel-oriented services have made a strong showing, too. They includeWanderfly, a personalized travel recommendation travel engine à la Hunch and Pandora; and Dopplr, a site that allows travelers to share their itineraries and get travel advice within their networks. "This [area] will continue to grow, improving the