This summer we are running week-long series focusing on a single subject. Here, in the first article on travel and tourism, we assess the sector’s overall state of health
It is the closest thing to an industry banker. In recent decades the global travel sector has grown, on average, one percentage point faster than GDP every year. In 2017 travel and tourism accounted for around a tenth of global GDP and employment. That is testament to its resilience. Blips, caused by terrorism or recession, tend to be quickly overcome. Even a destination hit by a significant terrorist incident can expect tourist levels to return to normal in about a year. The industry also has demographics on its side. While many sectors fret relentlessly about millennials, the ageing populations of Europe, America and China should boost travel firms; older people, with more money and spare time, are keen globetrotters. And in China they still have a huge potential market. Bernstein, a research house, reckons the Chinese will provide $400bn of extra tourism revenue by 2025—perhaps the largest opportunity of any segment of any industry.
Does it mean the assessment is something similiar to what an industry banker would do?