Travel is finally rebounding across the globe especially in Asia, Europe and the USA. Asia Pacific is one of the worlds most important travel destinations. It is expected that Asia Pacific group travel market size will be valued by 689 Billion dollars by 2030 . Tourism revenue has a major impact on the gross domestic product of several countries in the region such as Thailand where tourism accounts for over 20 percent of its economy. Therefore TFWA chose the Marina Bay sands hotel in Singapore to focus on the growing travel trade in this region.
The first day focused on the travel market in Asia’s largest markets with a special mention of India. Notable speakers provided the audience with a positive outlook of the future of India as a travel destination and hub. Pravat Kumar Paikray Assistant Vice President – Commercial Development of
Bangalore International Airport Ltd unveiled the ambitious plans of the tech hubs future airport and the future shopping and leisure services it will host. These significant investments are key to further develop the tourism industry and generate economic growth for India.
Ashish Chopra Chief Executive Officer of Delhi Duty Free Services and Ashim Gandham Managing Director of Global Travel Retail, Beam-Suntory both focused on the current state of travel retail and the future challenges in the Asia Pacific region. They expect a a progressive recovery tied to the increase of international tourism.
Travel retail is constantly shifting and as brands expand into new markets new challenges arise. Luke Maga Head of Europe & Global Travel Retail, Barry Geoghegan Founder, Stephen Timms CEO Lotte Duty Free and Aude Bourdier Vice President & Managing Director Global Travel Retail composed the wine and liquor panel.
Day 2 focused on the state of the Asian Pacific travel market with an in depth look on the increase in flight traffic, hotels occupancy and destination trends. The workshop also analysed the findings of ACI’s business model for non aero nautical revenues at airports, travel retail and duty free. The day continued with the topic of sustainability. The panel, moderated by Charlotte Turner, discussed its meaning and significance in the Asian market and how brands are adapting to consumer and business partner demands.
TFWA closed with the analysis of the digital transformation of the Asian pacific travel market. Dhruv Vohra Director – Scaled/SMBs, Meta Business Group and Praneeth Yendamuri Partner, Bain & Company discussed the findings of the Southeast Asia report. The significance of the migration of offline to online will transform consumer spending and the future implications of digitalisation in the sector.