World Travel Market, WTM Inspire Theatre, Monday 7th November 2016
Missed this session session? Not to worry, Panel member and Head of Travel at Euromonitor, Caroline Bremner takes us through the key findings from the World Travel Leaders: Brexit, How Will It Change UK Travel – Inbound and Outbound? session:
What was covered?
The impact of Brexit on the travel and tourism industry and what the short, medium and long terms impacts could be on tourism demand.
Why is this a hot topic?
- It’s very important to consider the impact of Brexit on the inbound market.
- Since the Brexit vote the value of the pound has fallen by 20% which makes the UK very attractive to international visitors.
- In the short-term there is expected to be a slight uplift to inbound tourism as a result of the pound’s devaluation.
What were the key points?
- Brexit is a golden opportunity for the inbound market.
- Brexit is an opportunity for small and large operators alike within the UK market to reinforce that the UK is currently at an all time high as a value for money destination.
What are your tips for anyone out there addressing this issue?
- Get the message out that the UK is open for business.
- Be pragmatic, we’ve had the vote and as long as the industry is at the top table with the government on decisions on connectivity, capacity, new routes, airport expansion, then these are all steps in the right direction.
How do you see this topic developing over the next 12 to 18 months?
- We believe the impact on inbound over the medium to long term will not be as sustained.
- Demand may be reduced by 2020.
- There are still high levels of uncertainly as details of the Brexit are ironed out by government.
Like what you’ve heard so far?
You can hear overviews of the session from additional panel members here:
- Andrew Swaffield, Chief Executive Officer, Monarch
- Patrick Richards, Chief Commercial Officer, Cox & Kings
- Terry Williamson, CEO, JacTravel
View the full Brexit, How Will It Change UK Travel – Inbound and Outbound?