According to recent research, the GCC outbound market is expected to grow exponentially over the next five years, driven by Generation X travelers, conference organizers said. Arab travel market (ATM), which is carried out from May 6 to 9 at the Dubai World Trade Centre.
Generation The report highlights numerous reasons why this generation has a dominant share in the GCC outbound market, particularly in the UAE and Saudi Arabia markets.
Commenting on the report, Danielle Curtis, Exhibition Director, Arabian Travel Marketsaying,
“Within an age range of approximately 43 to 58 years, many members of Generation X hold senior positions within companies and, as such, tend to travel abroad regularly on business trips. Furthermore, with responsibility comes reward and therefore many have high earning potential and disposable income. “Many successful entrepreneurs at this stage in their careers have also accumulated significant wealth and can afford to travel frequently.”
“Many industry commentators focus on Millennial and Gen Z travelers, but it makes perfect sense for Generation X to dominate the value of the GCC source market given the demographics of the region, particularly expatriate senior management.”
Members of Generation X are also changing their lifestyles, with a significant number now seeking a more sustainable work-life balance. This often means spending more free time with their families, including vacations, and combining business with leisure, which is growing the leisure travel segment significantly.
To illustrate these points, Generation The picture is similar in the United Arab Emirates. Generation X will spend $18.2 billion, 60 percent of the total market value of $30.5 billion by 2028.
“It’s also worth considering that as this generation begins to age and subsequently retire, it will naturally be Millennials who will begin to dominate outbound market share over the next decade.”
Overall, Saudi tourists prefer Europe as a destination, which will account for $13.2 billion in market value in 2028, compared to just $7.4 billion in 2019. Other top destinations for GCC travelers include the United Kingdom, Germany , Italy, Switzerland, the United States, India and Australia. , Malaysia, Singapore and South Africa. The increasing trend in GCC outbound businesses has certainly not gone unnoticed by many international destinations.
“In 2023 we welcomed 76 national pavilions covering approximately 55 percent of the total exhibition space, with 1,350 participating companies.
“This year, with the return of the national pavilions of Spain and China, as well as several African destinations, we have allocated additional space to accommodate this growth.”
Curtis further said.
To further support the issuing sector, ATM It is also hosting a market insights summit that will cover India, China and Latin America, as well as the latest generational travel trends.
In line with its theme, “Boost innovation: transform travel through entrepreneurship“, he 31st edition of ATM It will once again host policymakers, industry leaders and travel professionals from across the Middle East and beyond, encouraging them to forge new relationships, exchange knowledge and identify innovations that can reshape the future of global travel and tourism. From startups to established brands, the upcoming show will highlight how innovators are improving customer experiences, driving efficiencies and accelerating progress toward a net-zero future for the industry.
More than 40,000 travel professionals, including 30,000 visitors, attended the 30th edition of ATM in May 2023, setting a new record at the show. The exhibition attracted more than 2,100 exhibitors and representatives from more than 155 countries, providing a global platform to reveal ATM’s net zero commitment.
Held in conjunction with Dubai World Trade Centre, ATM 2024Dubai’s strategic partners include Department of Economy and Tourism (DET), Destination Partner; Emirates, official airline partner; IHG Hotels & Resorts, official hotel partner; Al Rais Travel, official partner of DMC and Rotana Hotels & Resorts, sponsor of record.
News source: Emirates News Agency