The global travel industry is expected to experience a 4.3% annual growth in revenues until 2020, reaching €8 trillion by 2020 from €5 trillion in 2008. The industry is being challenged by demographic, global, and emotional trends, with an increasingly growing Asian market expected within the next years and decades. The share of Asian travelers in Europe has reached 20% in 2008, with Europeans accounting for the majority of 55%. By 2020, the European proportion will decrease to 46%, while Asian travelers will form the second largest group representing at least 25% of all people traveling to European destinations. The growth of the Asian market can be explained by several factors, including the rapid growth of the Chinese economy, continuing urbanization, and the increasing level of wealth. Chinese culture values status symbols and Western brands, leading to an increase in travel to Europe.
